May 10, 2019 / 4:42 AM / 4 months ago

BUZZ-India's IndusInd Bank at over 10-wk low; chart suggests more downside

** Shares of IndusInd Bank Ltd fall as much as 1.21% to 1,458.70 rupees, their lowest since February 27, 2019

** Stock breaks below a support at 1,481.94 rupees, the 50% Fibonacci projection level of the downtrend from August 3, 2018 high to October 31, 2018 low tmsnrt.rs/2VVouzx

** Stock formed a dead-cross on Tuesday when its 50-day exponential moving average (EMA) crossed below its 200-day EMA, a bearish sign

** Wave pattern suggests stock is in the third wave of a five-wave downtrend

** In the near term, the stock has support at 1,398.77 rupees, the 61.8% projection level

** MACD is negative and below its signal line

** Stock is down 16.4% in the last one month as of Thursday, compared with the broader NSE Index’s 3.2% fall in the same period (Reporting by Gaurav Dogra; editing by Uttaresh.V)

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