Possible Breakout in IndusIndBank
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After the close of today's session (31/05/2021), Multiple bank scrips in NIFTY seems to be hovering around a defined resistance zone.
IndusIndBank seems to be one of them.
Notes:
- High Beta Stock (one of my personal favorites to trade on a trending day)
- Consolidation right below a defined resistance zone (1017-1025). Tested the range twice in the last 7 days.
- Kinda Risky since a clear target is not visible above the zone intraday (at least to me. Feel free to put out your targets. Everyone's here to learn ;) ).
- Ideal case, around 2% upmove from above the zone to hit 1050 levels. (Ambitious yes. But Could be a great day for banks judging by the setups of the other banks in which case a high beta stock such as this could hit our targets).
Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.
IndusIndBank seems to be one of them.Notes:
- High Beta Stock (one of my personal favorites to trade on a trending day)
- Consolidation right below a defined resistance zone (1017-1025). Tested the range twice in the last 7 days.
- Kinda Risky since a clear target is not visible above the zone intraday (at least to me. Feel free to put out your targets. Everyone's here to learn ;) ).
- Ideal case, around 2% upmove from above the zone to hit 1050 levels. (Ambitious yes. But Could be a great day for banks judging by the setups of the other banks in which case a high beta stock such as this could hit our targets).
Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.
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3rd June was a crazy day for the stock, Still hugging the zone.It has broken down from the ascending triangle formation.
Waiting for a clear direction. Slightly bullish as long as it keeps close to the resistance zone
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The resistance zones that were marked seems to have lost its significance (Although the levels are respected intraday - Check out 15min chart) Instead, the scrip has decided to center the resistance zone and make a new channel (1000-1038 almost a 4% channel). The most recent candle is clearly bearish.The levels maybe used for intraday purposes. Still waiting for a confirmation (breaking that current channel) for any clear direction at the moment.
Do let me know your ideas. Cheers.
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Adding to the confusion lol. Gave a nice and clean 2% move today.Hopefully, will break the channel and the subchannel (1038) in the next session
Ghi chú
Although the movement above 1038 was pretty nice intraday, the daily candle closing is not looking so good since it has a bearish bias.
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