INDUSINDBK
After PNB and YESBANK I have only seen INDUSINBK getting their value eroded so fast. However, the Hinduja as a group is very strong but the management comments on recent developments spoiled the party for Bulls in INDUSINBK. The charts are looking bearish so far so, but the uncertainty may give wild swings on either side.
Anyone considering buying INDUSINDBK may consider the same if sustaining above 351.65 on 5min as well as hourly charts for target of 362.45 followed by 376.75 and 400.05. However, it would be prudent to book and keep trailing your positions around given levels.
On the short side a trade is advised only if on 5min as well as hourly charts it is sustaining below 333.95 with target of 324.55 followed by 315.75 and 299.45.
My personal bias is BEARISH on INDUSINDBK but will consider waiting for clear direction rather entering the trade, however it is wise to stick to levels give only.
p.s. –. Trading in current markets is very risky due to uncertainty and volatility in the market but will trade as per my given levels only. Please trade as per your comfort and risk. These levels have derived by analyzing Options data and spot price movement.