INDUSBANK - Weak Share - Triangle Pattern Breakout - False hope Pattern breakout is good, but logically the share is weak with Quater results coming out, first things first - the share lost almost 75% of its value means 1200 point lost and that will be a dent on profits.
Lets see.. Still bearish as per logic and short bullish as per pattern breakout.
INDUSINDBK trade ideas
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INDUSIND BANK | Sell Opportunity
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I'm seeing a sell opportunity here. Use the pullback to get in.
Reason:
- The price is now trading near a resistance area.
- Weaker Supports
- BankNifty is weak
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
INDUSIND BANK SUPPORT RESISTANCE for 27/04/2020 NSE:INDUSINDBK will declare its Q4 results on 27/04/2020 which is most likely to be negative, so these are all the important support resistance zones to watch out for action on 27/04/2020.
since the important support trendline is broken probability of short trade is higher.
the chart is quite gibberish so I would recommend to note down all the levels and carefully the trendlines.
Indusind Bank 75 Min Analysis , TRIANGLE PATTERN Triangle Pattern Formed .
1) Strong RSI Divergence .
2) Price Reacted From Demand Zone .
3) Entering In Supply Zone .
* Trade Set Up for long . Looking For Bullish Candle Strick Pattern Near Triangle Breakout .(Long Above It )
Preferable Above 428.
* Trade Set Up For Short . Look For Bearish Candle Pattern Near Supply Zone . And Below It Short . With Sl 428 .
Short Trade In this Pattern Not Looking Good Until Last Low Break .
IF SETUP COMPLETE And Market Support Our Direction then Go Long . With Your Bullish Set Up candle Low As A Stop Loss . First Target Will Be 468-475.
Indusind Bank Bullish Divergence on Daily ChartBullish Divergence + Price approaching Support trendline of the channel shown.
Such Divergence on daily chart indicates a strong bounce.
We already saw some buying towards the end of the day.
Buy around 1130 and hold or wait for horizontal support around 1045.