June 14, 2019 / 8:28 AM / 3 months ago

BUZZ-India's IndusInd Bank hits over 3-week low; chart suggests more downside

** Shares of IndusInd Bank Ltd fall as much as 5.21% to 1,411.25 rupees, lowest since May 22

** Stock cuts below a support at 1,434.91 rupees, the 50% Fibonacci projection level of the downtrend from April 18 high to May 16 low tmsnrt.rs/2XK6aH9

** A close below the 50% level may lead to a further fall to 1,378.57 rupees, the 61.8% projection level

** Wave pattern suggests that stock is in the third wave of a five-wave downtrend, current wave has potential to travel up to a support at 1,196.19 rupees

** RSI failed to break above the 60 level earlier in the month, seen as a bearish sign

** MACD cut below the signal line on Thursday and is negative, seen unfavourable

** Trend intensity (TI) indicator rises to 16, indicating that stock is trending downwards

** Stock down 6.9% this year as of last close, while the broader NSE Index gained 9.7% in the same period (Reporting by Gaurav Dogra)

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