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Indusind Bank Technical Analysis suggests that there is a high probability of stock completing its double bottom pattern. Currently, the stock is trading near its support line. The risk-reward ratio at the current stock price is not favorable for a trade. The minimum risk-reward should be 2:1.
The Fibonacci Retracement analysis suggests that the most common retracement level is 61.8% and the stock retraces fully from this level. Therefore, Fibonacci retracement also confirms the completion of the double bottom pattern. The moving average analysis suggests that Indusind Bank Technical Analysis follows the 200-period Exponential Moving Average and currently the stock is trading below its 20 and 200 period EMA.
The volume analysis suggests that there is delivery based selling in the stock. The stock price is decreasing but the volume, delivery quantity & turnover is increasing. The big players are active in the stock.
The option chain analysis is bearish because put writers are closing their positions and fresh call writing positions are created. Indusind Bank Technical Analysis has a strong correlation with the nifty and it is underperformer stock of the bank nifty.
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