October 22, 2018 / 6:53 AM / 9 months ago

BUZZ-India's IndusInd Bank hits near 15-mth low; chart suggests more downside

** Indusind Bank Ltd’s shares fall as much as 2.45 pct to 1538 rupees, their lowest since July 26, 2017

** Stock breaks below a support at 1565.85 rupees, the 38.2 pct Fibonacci retracement level of the uptrend from Feb. 29, 2016 low to Aug. 3, 2018 high tmsnrt.rs/2OGCj22

** Stock’s wave pattern suggest, it is in the initial sub wave of the final wave of a three wave downtrend

** In the near-term, stock has support at 1510.05 and 1452.65, the 38.2 and 50 pct Fibonacci projection levels of the downtrend from Aug. 3 high to Oct. 4 low (wave A)

** Stock has cut below its Parabolic SAR, seen unfavorable

** Stock’s 50-day exponential moving average had cut below its 200-day EMA earlier this month, a bearish signal

** Stock down 12.63 pct in the last one month as of Friday’s close, compared with the broader NSE Index’s 8.3 pct fall in the same period

Reporting by Gaurav Dogra

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