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News Topical, Digital Desk : The stock market is experiencing a slowdown today, though market experts are viewing this as a positive sign, as the market is trading near key highs. Amid signs of strength, experts remain confident about the chart performance of several stocks. One such stock is IndusInd Bank. A CNBC Awaaz viewer asked a question about this, prompting market expert Manas Jaiswal to offer his opinion. Manas is quite positive about the stock's chart performance and advises investors to hold on to the stock. (Note: This advice is based on an investor's own buying level. You can develop a strategy based on the stock's recommendations and levels.)
What is his opinion on IndusInd Bank
According to Manas, the stock can be held. He says the stock has been consolidating for the past few days, and this consolidation is around the stock's 200-day moving average. Before this consolidation, the stock had made a high of ₹900, which is acting as resistance for the stock. According to Manas, this consolidation is occurring below this resistance. If the stock breaks above the ₹900 level and breaks out above it, prices could reach at least ₹1050. He believes the stock's decline was significant, so a recovery will likely be achieved. He said that a stop-loss below ₹799 is a good option.
How was the stock's performance? The stock declined on Friday, falling to ₹853.5 today from its previous close of ₹857.5. The stock saw a sharp decline in March, after which it fell close to the 650 level. In the second week of November, the stock broke above the 800 level and has remained above the 830 level ever since.
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