Indusind bank share price

IndusInd Bank

Indusind bank share price

Indusind bank share price
Indusind bank share price


Indusind bank share price stock forms ascending triangle pattern, near 52-week high; Time to Buy, Sell or Hold?

IndusInd Bank shares have hit their 52-week high of Rs 1,275.25 on Sep 20, 2022. Currently, the stock is trading down 1.95% at Rs 1,215 on BSE. From a technical point of view, banking shares are looking bullish with a rising triangle setup. The Relative Strength Index (RSI) of IndusInd Bank stands at 56.8, which indicates that the stock is neither overbought nor oversold.
The stock has a one-year beta of 1.4, indicating very high volatility over the period. IndusInd Bank stock is trading above 5 days, 20 days, 50 days, 100 days, and 200-day moving averages.

IndusInd bank net banking

However, the stock declined after two sessions. In one year, IndusInd Bank stock has gained 32.21 percent but has declined 0.36 percent in 2023. A total of 0.21 lakh shares of the firm changed hands on BSE for a turnover of Rs 2.62 crore.

he private sector lender reported a 60.4% year-on-year (YoY) rise in net profit to Rs 1,787 crore for the quarter that ended September. Net interest income grew by nearly 18% to Rs 4,302 crore in Q2. Provisions fell 33 percent year-on-year to Rs 1,141 crore in the September quarter. The provision in the previous quarter was Rs 1,250 crore.
Here’s a look at what analysts and brokerages said about the stock’s upside prospects going forward.
Earlier this month, global research firm CLSA upgraded IndusInd Bank to buy and raised the target price to Rs 1,500 per share, a 21 percent premium to the market price. CLSA believes that 2023 should also be a strong year for Indian banks, especially H1 CY23.

Overall, we expect peak RoE to sustain in FY24,” the brokerage firm said.
Osho Krishna, Senior Analyst – Technical & Derivatives Research, Angel One said, “IndusInd Bank stock is trading near its 52-week high and placed above all its major Exponential Moving Averages on the daily chart, which indicates underlying strength suggests.

Read more: IndusInd Bank Personal Loan

The stock has been in consolidation for quite some time now and is facing resistance for a fresh breakout. On the technical front, the immediate support is placed near Rs 1180, followed by the weekly swing low of the 1140-odd zone. Conversely, a decisive break above Rs 1265 can only start a fresh round of rallies in the counter. And meanwhile, the stock is expected to hover between the mentioned range with a bias to the bullish.”

In terms of price patterns, it has formed a multi-month triangle, which is still in formation.
The overall structure shows that the pattern is expected to eventually break to the upside where the breakout level is Rs 1,274. The recent structure indicates that the stock is trading near its key daily moving averages and one can consider a buy in the range of Rs 1230-1200 with a reversal below Rs 1155. Once the pattern reverses, the stock may hit the target. 1350 Rs.

If a daily close above this resistance post Q3FY23 results, a target of Rs 1390 could be possible. Strong support will lie at Rs 1189.

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