IndusInd Bank climbs 23% in five days

IndusInd Bank jumped 4.28% to Rs 631.45, extending its winning run to fifth consecutive trading session.

Shares of InduInd Bank have risen 23% in five trading sessions from its previous closing low of Rs 513.55 on 21 August 2020. The bank stock is up 168% from its 52-week low of Rs 235.6 on 24 March 2020. IndusInd Bank hit 52-week high of Rs 1,596.35 on 2 December 2019.

In last one month shares of IndusInd Bank have rallied 20% compared with a 9% rise in Nifty Bank index.

The stock is currently trading above its 50-day and 100-day simple moving averages placed at 518.14 and 473.57 respectively. These levels will act as crucial support in near term. The stock trades below its 200 days simple moving average placed at 842.38 which will act as resistance.

On the technical front, the stock's RSI (relative strength index) stood at 78.385. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

IndusInd Bank caters to the needs of both consumer and corporate customers. As of 31 March 2020, the bank's distribution network included 1,911 branches/banking outlets and 2,760 onsite & offsite ATMs across 751 geographic locations.

Powered by Capital Market - Live News