 "Here's a derivative strategy from HDFC Securities for IndusInd Bank")
Sell Indusind Bank September Future at Rs 1285
Stop loss: Rs 1,305
Target: Rs 1,250
Stop loss: Rs 1,305
Target: Rs 1,250
Rationale:
-- Short build up is seen in the Indusind Bank Futures’ on Thursday, where we have seen rise in Open Interest with Indusind Bank falling by 3.6 per cent.
-- Indusind Bank has broken down on the daily chart where it closes at lowest level since March 2017.
-- Stock price has been forming lower top lower bottom on the daily charts.
-- It is trading below its 5, 20 and 200 day SMA Indicating weakness in the stock in all time frames.
-- Oscillators and Momentum Indicators like RSI and MACD showing weakness in the stock on the daily and weekly charts.
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