 "VIX VAPOUR RISING, markets crash, sensex")
Shares of IndusInd Bank tanked almost 20 per cent to a low of Rs 1,025 in intra-day deals on Friday as the stock reacted to a dismal set of earnings for the September quarter. IndusInd Bank stock today logged its biggest intra-day fall since March 2020 - the Covid-19 era related panic.
On the Q2 earnings front, IndusInd Bank's net interest income (NII) rose by just 5 per cent year-on-year (YoY) to Rs 5,347 crore, while net interest margin (NIM) contracted by 21 basis points to 4.08 per cent YoY.
The bank's net profit dropped 39.2 per cent YoY to Rs 1,325.45 crore in Q2FY25 owing to a sharp (87 per cent) surge in provisions to Rs 1,820 crore. Here's what analysts had to say.
Technically, the stock which was already trading with a negative bias below the key moving averages has now witnessed a fresh downside breakout on multiple time-frames.
Here's how the stock is placed on the charts:
HCL Technologies
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 "Bombay Stock Exchange, Stock market, BSE")
 "Prices of active pharmaceutical ingredients (APIs) have been declining over the past several months, boosting the margins of drug manufacturers. However, many industry insiders attribute this to a predatory pricing strategy by Chinese companies, and")
 "Stock Market, Market, Crash, Funds, up, Stock, Gain, Lost, decline, statistic, Crisis, Capital, BSE, NSE")
 "bear market down")
 "pharmaceutical sector, pharma sector, medicines, meds")
Current Price: Rs 1,039
Downside Risk: 22.3%
Support: Rs 970; Rs 900
Resistance: Rs 1,150; Rs 1,250
Apart from the daily, HCL Technologies stock has now given a downside breakout on the weekly and monthly chart as well. The stock has dipped below its 200-WMA (Weekly Moving Average) for the first time since August 2022. The stock has also broken below the short- and medium-term moving averages on the monthly time-frame.
In the near-term, bias for the stock is expected to remain bearish as long as the stock trades below Rs 1,150 levels. The daily chart shows that the bias shall remain tepid as long as the stock trades below Rs 1,250 levels. The key hurdle as per the long-term chart stands at Rs 1,350. CLICK HERE FOR THE CHART
On the downside, the stock now seems on course to test its 200-MMA (Monthly Moving Average) which stands at Rs 807 - this suggests a potential downside risk of 22.3 per cent from present levels. Interim support for the stock can be expected around Rs 970 and Rs 900 levels.
 "Indusind Bank")
 "Indusind Bank")
 "Stock Market, Market, Crash, Funds, up, Stock, Gain, Lost, decline, statistic, Crisis, Capital, BSE, NSE")
