- Shares of IndusInd Bank fall as much as 2.42% to Rs 1,478.55, lowest since Dec 11, 2018.
- Stock breaks below a support at Rs 1,507.07, the 14.6% Fibonacci projection level of the downtrend from Aug. 3, 2018 high to Oct. 31, 2018 low.
- This suggests in the near term, stock may test the next support at Rs 1,443.63, the 23.6% 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% this year as of last close, compared with the broader NSE Index’s 0.62% fall.
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