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Rs 1,600 to be a critical level for IndusInd Bank, says Sushil Kedia of Kedianomics

Updated : January 14, 2020 04:24 PM IST

Market guru Sushil Kedia, founder of Kedianomics, shared his views on the fundamentals of the market and specific sectors in an interview with CNBC-TV18.

“If we are going to look at all of the new highs that have come in the last two months, since the first high on November 7 at 12,063, Nifty has recorded 15 new highs; that is about 9 weeks. In these 15 new highs, each time it goes up by 30-40 points higher than the previous high,” he said.

On IndusInd Bank, he said, “The IndusInd Bank weekly chart has come to a

1.5-year resistance line and I think the penultimate rally before the final fall which I am still expecting will get closer to Rs 1,050-1,100 area over 10-12 weeks at least, say about 3-4 months it can take after which the long term bull market will resume. So, I will go strictly by these patterns; until the high of this week is taken out, which is say until IndusInd is trading into Rs 1,600, my view that we will get to buy it back at Rs 1,100 remains intact.”

According to Kedia, IRB Infra still looks like a convincing good chart and there are a number of charts available in the midcap space. "A few new recommendations that we can suggest is Thyrocare which would be a buy on the breakout. GIC Re would be a good buy on a breakout for a 40 percent kind of an up move. We can look at ITDC as well. ITDC did very well through the first two months of a very sharp spike, has corrected a lot and I think again a similar kind of big move can come,” he noted.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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