India Infoline (IIFL) has given buy rating on Indusind Bank for a possible target of Rs 286 in its Oct 24 research report. The closing price as on 24th Oct was Rs. 272.
IndusInd Bank, has signaled a breakout from an ‘Inverted Head & Shoulder pattern’ above Rs272 with expansion in volumes on the daily chart . Last week, the stock consolidated above its 100-DMA with breakout on the oscillator front, suggesting breakout thus affirming bullish trend in counter. The amplitude of an ‘Inverted Head & Shoulder’ pattern stands at Rs36, giving upside projection target of Rs 306. The RSI too has been showing a positive crossover thus supporting buying argument in the counter. IIFL is advising a buy on the stock above Rs 274 with stop loss of Rs 268 for target of Rs 286.
Download the full research report from the following link: Indusind Bank Technical Analysis Report