May 6, 2019 / 4:43 AM / 4 months ago

BUZZ-India's IndusInd Bank hits near 2-mth low; chart suggests more downside

** Shares of IndusInd Bank Ltd fall as much as 1.81 pct to 1,528.35 rupees, their lowest since March 12

** Stock breaks below a support at 1,565.1 rupees, the 38.2 pct Fibonacci projection level of the downtrend from Aug 3, 2018 high to Oct 31, 2018 low tmsnrt.rs/2WvUzLu

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

** In the near term, the stock has support at 1,481.94 rupees, the 50 pct projection level

** MACD is negative and below its signal line

** Stock is down 2.7 pct this year as of last close, while the broader NSE Index has gained 7.8 pct in the same period (Reporting by Gaurav Dogra)

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