IndusInd Bank can fall 11% if its fails to hold support levels, charts show

The current chart pattern signals a weak trend and market participants are likely to stay on the sidelines to see whether the stock honours the respective support levels

IndusInd Bank shares slumped over 10 per cent in trades today amid reports of lapses in governance and accounting norms to allegedly 'evergreen' loans running into thousands of crore since the outbreak of Covid-19. READ MORE

Meanwhile, here's a quick check on the charts for the stock following the sudden steep fall.

IndusInd Bank Ltd (INDUSINDBK)
Likely target: Rs 900 (after breaching Rs 1,019)
Downside potential:  11%

The gap-down opening on Monday, November 8, by over 5 per cent, has resulted in a breach of the crucial trendline support at Rs 1,140. The next immediate support