INDUSINDBK Has Bounced From 200 DMA

USDINR index is looking bullish on a chart, the index currently trading near resistance and once index will cross it then we will focus on IT stocks like TCS, INFOSYS, TECHM, etc. These stocks are already slightly bullish on the chart and we have to wait for the right opportunity to catch anyone. Also, the Indian market is trading near lifetime highs and we are expecting profit booking from current levels. And as we know when dollar price is rising then our market is falling.

Technical Overview of USDINR: We can see below daily, from few months USDINR is trading between the range of 70.50-72.00. Recently, the index has taken support from support i.e. 70.50 and given a sharp bounce. On 13^th December, the index has closed near day high and given confirmation of Bullish Engulfing. Currently, there is a small hurdle around 71.20 and we need closing above this hurdle.

 
Risky players can buy from current levels with a stop-loss of 71. We are expecting targets of 71.50/71.80/72.00.

Technical Overview of INDUSINDBK: We were waiting for bounce and finally it has done on the last trading day. If we see the below chart then the stock has crossed its 200 DMA and sustained above. The stock has made a base of six candles and broke this base on Tuesday with good volume. We are expecting more rally till next resistance i.e. around 1600.

We can buy stock from current levels i.e. 1521 with a stop-loss of 1480. We can hold stock for targets of 1560/1600 and the risk-reward ratio is 1:2.

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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