January 14, 2019 / 5:32 AM / 6 months ago

BUZZ-India's IndusInd Bank hits over 1-month low; may fall further - Technicals

** Shares of IndusInd Bank Ltd fall as much as 2.42 pct to 1,478.55 rupees, lowest since Dec 11, 2018

** Stock breaks below a support at 1,507.07 rupees, the 14.6 pct Fibonacci projection level of the downtrend from Aug. 3, 2018 high to Oct. 31, 2018 low tmsnrt.rs/2RI2GW5

** This suggests in the near term, stock may test the next support at 1,443.63 rupees, the 23.6 pct projection level

** Stock’s wave pattern suggests it is in the initial wave of a five-wave downtrend

** MACD is negative and below its signal line

** Stock down 5.26 pct this year as of last close, compared with the broader NSE Index’s 0.62 pct fall (Reporting by Gaurav Dogra)

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