IndusInd Bank Surges On Nomura Upgrade: SEBI RA Manish Kushwaha Eyes Breakout Rally

Nomura set a ₹1,050 target, citing resolved legacy issues and expected RoA improvement. Meanwhile, an analyst sees a breakout above ₹855 for IndusInd Bank.

IndusInd Bank shares rose 4.3% on Wednesday after Nomura upgraded the stock to ‘Buy’ with a target price of ₹1,050, implying a 30% upside.

According to Nomura’s note, legacy issues have been addressed, and return on assets (RoA) is expected to improve to 1% by FY27. 

The brokerage also highlighted the bank’s positive governance commitment and the potential for RBI approval on promoter stake as key factors supporting its view.

SEBI-registered analyst Manish Kushwaha also recommended a ‘Buy’ on the stock, noting a key resistance zone in the ₹850–₹860 range. 

He said that the stock is forming an ascending triangle pattern, typically a bullish continuation structure. 

He added that a breakout above ₹855 with volume could trigger a strong upward move.

According to Kushwaha, the Relative Strength Index (RSI) at around 58.28 indicates neutral-to-positive sentiment, with headroom before entering the overbought zone. 

He placed near-term targets at ₹960, ₹1,020, and ₹1,100, with a stop-loss at ₹750.

On Stocktwits, retail sentiment was ‘bullish’ amid ‘normal’ message volume.

The stock has declined 12.9% so far in 2025.

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