Indusind Bank Share Price Outlook: Indusind Bank share price has been trending on Monday and is among the top gainers on BSE and among the stocks with highest daily turnovers. At 12:30, the stock of this private lender were up by over 6.5 per cent or almost Rs 40, trading at Rs 624.90. This stock today opened at Rs 596 and attained an intraday high of Rs 629.75.    

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Analyst View: 

India’s largest private lender HDFC Bank’s Q2FY21 results were a precursor of what the private banking sector would offer in this quarter Technical and Derivatives Analyst Nilesh Jain at Anand Rathi said. He said that the results posted by Indusind Bank were in line with the market expectations. 

The technical analyst expected a breakout by this week which would begin a rally that could take it to Rs 730-Rs 730. The stock is currently under a consolidation phase and the breakout level is around Rs 640, he said. There is a strong resistance around Rs 645- Rs 650 and once this zone is breached, there is a possibility of a strong move. 

On charts, there is an inverted modified heads and shoulder patters, he said supporting his view.   

Since the stock has gained by as much as Rs 40 on Monday on the intraday basis, this will not be the right level to buy it. He suggested buy on dips. The right levels to buy this stock is between Rs 600-Rs 610. For fresh buying, the investors should wait, he further said. He puts the stop loss at Rs 570. 

Sequentially, the Net Profit for the quarter increased by 30 per cent over the quarter ended June 30, 2020. However, the consolidated Net Profit for the quarter ended 30 September 2020 was Rs 663 cr as compared to Rs 1,401 cr during corresponding quarter of previous year. 

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The bank has managed to see an uptick in its deposits on an 8 per cent sequential basis while reporting reduction in in its net NPA for the reporting quarter at 0.52 per cent.