In the previous session, The Nifty Index saw a deeply negative opening in the morning session and extended losses as the day progressed. The Index formed a Bearish candle on the chart and closed with a net loss of 231.10 points. Market is likely to open in a weak start tomorrow due to global weakness. Hence a highly cautious approach is advisable for the next trading day.

Look at the below research report of ‘Stocks to Buy for – Monday, February 14, 2022’ before the market opens.

IndusInd Bank Ltd

NSE :INDUSINDBK   BSE :532187  Sector : Banks

In the daily time frame, IndusInd Bank share prices are moving in the form of the ‘Double Bottom’ pattern. Since a few trading sessions, prices are moving near the neckline of the pattern, which has now become an important key resistance line for the stock. In the previous session, the stock made a promising Bullish Candle on the chart and closed with a net gain of 1%. Now a move above the previous day’s high will confirm the trend. Since price has managed to sustain above 200 Days EMA which suggests positive bias for the short term.

On the above chart, we have applied Fibonacci projection, which is used to determine the price action, support and resistance levels. According to the indicator, prices can continue to move higher towards 1022 and then 1141 levels. One can maintain stop loss below 913 levels.

Check More Analysis on INDUSIND at: IndusInd Bank Ltd