July 17, 2017
IndusInd Bank (NSE Cash)
SELL
` 1593
` 1560 - 1566
` 1512
5 - 10 sessions
Daily Chart
Source: TradingView (Time: EOD as on July 14, 2017)
Justification:
This has been one of the steady outperforming stocks within the ‘Private’ banking space. At present, the stock is trading at its
all time high; but, we are now observing a possibility of some short term correction. It’s very difficult and risky to go against the
direction of such kind of outperforming stocks. But, the kind of structure we are observing itself gives contradictory signals.
Due to last three months price action, we can see a formation of ‘Wolfe Wave’ on daily chart. As per the requirement of this
pattern, all 5 points are visible and 5th point placement is precisely at ‘Golden Ratio’ (161% Fibonacci Retracement) of the
previous down move (from 3 to 4). The said pattern needs a confirmation of some reversal pattern at the 5th point, which we
can see in the form of a ‘Dragonfly Doji’ pattern. Hence, traders are advised to sell this stock at current levels and on
bounce at `1566 for a target of `1512 over the next 5 - 10 sessions. The stop loss should be fixed at `1593.
Sameet Chavan
022-3935 7600 Extn: 6552
1
July 17, 2017
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Source: Angel Research
Research Team Tel: 022 - 4000 3600
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