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IndusInd's stock up by 53% in the past three months

16 Sept 2022 , 03:04 PM

In an otherwise sluggish market on Friday, shares of IndusInd Bank reached an intraday high of Rs1,238.15 on the BSE on the anticipation of positive future developments. The price of the private lender's shares reached its highest level since November 2, 2021, and on October 28, 2021, it reached a 52-week high of Rs1,241.85.
At 10:01 am, IndusInd Bank traded 2% higher at Rs1,217, outperforming the S&P BSE Sensex's 1.3% fall. It has increased dramatically over the last three months by 53%, compared to a 15% increase in the benchmark index. Sumant Kathpalia was reappointed as managing director and chief executive officer for three years, beginning on March 24, 2023, by IndusInd Bank on Thursday.

Apart from that, thanks to positive monsoon trends, economists are still upbeat about the chances of loan growth from the agriculture sector. All products saw an increase in loans. The greatest quarterly payments were made in the vehicle financing category during Q1FY23, but there were also significant quarterly disbursements in the CV, UV, automobiles, and tractor segments. Disbursements in the 2- and 3-wheeler segments, however, were modest.

The stock has also been maintaining its position above the higher-end of the Bollinger Band on the daily chart for the previous four trading sessions. This has contributed to the pleasant energy at the counter. As long as the price holds above Rs 1,215, the bias is anticipated to be bullish.
The stock has so far this week been kept above the Bollinger Band's upper bound, which is now at Rs 1,206 on the weekly chart. A weekly closing above that level is favorable for the stock. The monthly chart's trend line resistance, at a price level of Rs. 1,330, appears to be the stock's upward target. The bulls are being supported by the momentum oscillators as well. However, if the stock breaches the support levels around Rs1,215 and Rs1,206, a decline below Rs1,160 becomes plausible.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • BSE
  • IndusInd Bank
  • markets
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