Today, (24 Mar 2020)
Indigo went from LC (-10%) to over UC (+15%).
Similarly, indusind went from -25% to +2%.
What causes this level of wild movement in the market?
Also no IndiGo plane is flying so why would anyone be purchasing it’s stock?
only short term traders will short the stock and they are covering it up. this is pure price play. look at indusindbk after 10% no one on buy side similarly after 15%, 20%, 25%,30%, then they started covering it and the price shoot up. just money changing hands. if this hypothesis is true tomorrow the share will fall again. since there are no proper longterm investors in this stock at this time.
i think nobody is purchasing that stock for that matter any stock. just intraday traders moving the scrip.
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Today, on Thursday Indusind bank is at 436. Up from lows of 235 on tuesday. Ever seen a 85% gain in 2 days in your life !!?
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Jetairways and yes bank performed even more. I would suggest not to invest or trade in these volatile scripts.
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I bet IndusInd bank will trade below 200 in matter of 3 months from now.
But IndusInd bank is not like PCJ or Jet or even Yes Bank. They have billionaires hinduja brothers as their promoters