INDUSINDBK
has corrected 33% from all time high. Price made a double bottom pattern from which it broke out. The double bottom was also formed at a price range where the stock already took 3 supports.
Indusind also came out with good results. It is good buy at this price for long term as well.
Enter 20% position after break of yesterday's high. Expect some pull back as it has already given 11% in 2 trading sessions. Buy the remaining after pullback.
Aiming for a 1:4 risk reward setup.
Targets: 1000/1200/1400+
Place an sl below 2 bar low (below 870). It is more preferable if sl is kept below the bottom (below 800) and go for 2:5 RR trade.
Not expecting huge momentum towards the target. Slow/positional trade. Holding period 1-6months.
Position size accordingly. HAPPY TRADING!