IndusInd Bank Limited Stock Forecast
IndusInd Bank Limited stock downgraded from Hold/Accumulate to Sell Candidate after Thursday trading session.
(Updated on May 09, 2024)
The IndusInd Bank Limited stock price fell by -2.88% on the last day (Thursday, 9th May 2024) from ₹1,443.80 to ₹1,402.20. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 4.46% from a day low at ₹1,393.55 to a day high of ₹1,455.65. The price has fallen in 6 of the last 10 days and is down by -4.91% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -10 thousand shares and in total, 66 thousand shares were bought and sold for approximately ₹92.48 million.
The stock has broken the horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately ₹1,431.41 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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INDUSINDBK.BO Signals & Forecast
There are few to no technical positive signals at the moment. The IndusInd Bank Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹1,471.56 and ₹1,499.37. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -10.63%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
A sell signal from a double top formation was found on Monday, April 08, 2024 and based on theory for this formation the price should fall by -2.61% to ₹1,365.67 within 19 trading days since signal was issued (Friday, May 10, 2024).
Support, Risk & Stop-loss for IndusInd Bank Limited stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹62.10 (4.46%) between high and low. For the last week, the stock has had daily average volatility of 2.96%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (INDUSINDBK.BO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect IndusInd Bank Limited to open at ₹1,417.13, and during the day (based on 14 day Average True Range), to move between ₹1,363.45 and ₹1,440.95, which gives a possible trading interval of +/-₹38.75 (+/-2.76%) up or down from last closing price. If IndusInd Bank Limited takes out the full calculated possible swing range there will be an estimated 5.53% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ ₹1,445.85, some ₹43.65 (3.11%) from the current price of ₹1,402.20, our system finds the risk reward not very attractive.
Is IndusInd Bank Limited stock A Buy?
IndusInd Bank Limited holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -2.475 Sell Candidate Downgraded
Predicted Opening Price for IndusInd Bank Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| ₹1,417.13 ( 1.06%) | ₹1,402.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INDUSINDBK.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,479.23 | 5.49 % | |
| R2 | 1,455.51 | 3.80 % | ||
| R1 | 1,440.86 | 2.76 % | ||
| Current price: | 1,402.20 | |||
| Support | S1 | 1,393.41 | -0.627 % | |
| S2 | 1,378.76 | -1.67 % | ||
| S3 | 1,355.03 | -3.36 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,526.15 | 8.84 % | |
| R2 | 1,515.60 | 8.09 % | ||
| R1 | 1,445.85 | 3.11 % | ||
| Current price | 1,402.20 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
INDUSINDBK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 02, 2023 | Jun 02, 2023 | Sep 22, 2023 | ₹14.00 | 0% |
| 2 | Aug 11, 2022 | Aug 11, 2022 | Sep 18, 2022 | ₹8.50 | 0% |
| 3 | Jul 18, 2017 | Jul 18, 2017 | Aug 25, 2017 | ₹6.00 | 0% |
| 4 | Jun 23, 2016 | Jun 23, 2016 | Jun 23, 2016 | ₹4.50 | 0% |
| 5 | Aug 07, 2015 | Aug 07, 2015 | Aug 07, 2015 | ₹4.00 | 0% |
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