IndusInd Bank | Trading near resistance | Latest stock market news

(3 minutes read)

Stock name: IndusInd Bank

Pattern: Trading near resistance

Time frame: Daily

Observation: The stock has been sideways for a year now and is currently trading near the range high i.e. a resistance, as shown in the image below.
Recently the volumes also picked up and the stock went up by 30% in the last 13 days!
If the stock breaks the resistance zone, we can expect some good upside in this stock.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) Q1 FY23 result update: Bank of Baroda:

Total Income: 20,119 crores Vs 20,695 crores in the previous quarter. Flattish.
PAT: 2,168 crores Vs 1,778 crores in the previous quarter. Positive.
GNPA: 6.26% Vs 6.61% in the previous quarter. Positive.
NIM: 3.02% Vs 3.08% in the previous quarter. Negative.
CASA is almost flat on QoQ basis.

2) Indian 5G spectrum auction concluded with bids of over 1.5 lakh crores, Reliance JIO emerged as the top bidder, Airtel and VI also bought spectrums of various frequencies. Adani bought frequencies only for internal purpose.

3) Aditya puri (Ex HDFC Bank MD) may join Yes Bank Board as a Nominee director post the investments by Carlyle and Advent – News sources.

4) Adani Power, Adani Transmission, Adani Wilmar, Birlasoft, BNR Udyog, Chambal Fertilisers, Devyani International, Godrej Consumer, Gujarat Gas, Hemisphere, INOX Leisure, Interglobe Aviation, KEC International, Lupin, Monte Carlo, Paras Defense, PI Industries, Tata Coffee, TCI Express and VI Limited are amongst the companies that will be declaring their results tomorrow.