Shares of Indus Ind Bank has been on bull run for last four consecutive trading sessions and saw over 3% increase in value during today’s trading session. The scrip reached an intra-day high of 1885.40 and is currently trading at 1882.10 with 3.82% increase in value. RSI indicator which is used to measure the momentum of stock based on speed of change in price of stock regardless of direction in which price moves has crossed over into overbought region in intra day charts and is currently in range of 53 to 78 and the signal line continues to move near overbought range of 70 across daily, weekly and monthly charts supportive of existing momentum for upward price growth.
Parabolic SAR indicator and ADX crosses indicator which are used to identify good points of entry and exit have both formed bullish signals in intra-day, daily and weekly charts supportive of continued uptrend price growth in near future trading session. Similarly Zig Zag indicator which is used to predict reversal of trend in longer time frame without being influenced by any short term volatility has also formed uptrend indication across intra-day, daily & weekly charts supportive of continued bullish price movement. Expected support and resistance levels for the stock are at 1702.15 & 1899.49 respectively.