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Shares of Mumbai-based private lender IndusInd Bank Ltd. are back in the news and may react during the trading session on Friday, May 16.

In its clarification, sent to the exchanges on Thursday evening, IndusInd Bank said that the bank’s Internal Audit Department (IAD) was conducting a review of the bank’s MFI business to examine certain concerns brought to the bank’s attention.

TRADE SET UP

Mixed session overnight; SPX +0.41%, Nasdaq -0.18%

UST 10y yield lost 10 bps to 4.43%

US data for April had a dovish skew (retail sales, core PPI, initial claims industrial production)

Fed implied rates cemented 2x25bp cuts for 2025

Dollar Index -0.26% to 100.78

Brent Oil down 2.4% to $64.53

Trump claimed “very close” to a nuclear deal with Iran

Iranian representative to ABC said that Iran would be willing to abandon nuclear ambitions in exchange for sanctions relief

Big talking point: Trump asking Apple’s Tim Cook to stop plans to move iPhone output to India

Nifty broke above the high of 24,973

On the way up, resistance level at 25,310 (78.6% retracement)

Nifty support at 24,629 (40-day EMA)

Bank Nifty bounced back from 20-day MA

Bank Nifty resistance at the high of 55,500

Support for Bank Nifty at yesterday’s low of 54,442

GIFT Nifty hints at a positive start to the market today.#CNBCTV18Market | #GIFTNifty higher, trading at a premium of over 100 points from Nifty Futures Thursday close, indicates a gap-up start for the Indian market pic.twitter.com/olf7ABOedA

— CNBC-TV18 (@CNBCTV18Live) May 16, 2025

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