Stock name: IndusInd Bank

Pattern: Range bound

Time frame: Daily

Observation:

IndusInd Bank has been trading in a range for the last 6 months and had recently broken down of the range. However, today it has again come in the said range and hence a movement of the stock towards the higher end of range may be expected by the markets.

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Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation. Please consult your financial advisor before taking any financial decision.

News for the day:

1) The board of Natco Pharma approved a proposal to buyback 30 lakh shares of the company for a maximum price Rs. 700 per share through the open market route. The company will execute the buyback for an amount not exceeding Rs. 210 crores.

2) US and European markets fell after Federal Reserve Chair Jerome Powell opened up the possibility of more aggressive rate hikes going forward.

3) The board of GAIL (India) Ltd. will meet on 13 March to consider and approve an interim dividend for fiscal 2022-23. If approved, the record date for the said dividend will be 21 March.