Buy Indiabulls Real Estate, target Rs 89: Hadrien Mendonca
We expect the stock to move higher towards its potential target of Rs89 in the medium term, says Hadrien Mendonca of IIFL.
December 14, 2018 / 11:44 AM IST
Indiabulls Real Estate has been on a declining mode for the past four weeks and has finally formed a double bottom pattern on the weekly chart.
The stock has also broken out from a falling channel pattern on the daily chart accompanied with a smart uptick in traded volumes.
Apart from this on the monthly chart Indiabulls Real Estate has also respected November 2016 lows and bounced off smoothly. We expect the stock to move higher towards its potential target of Rs89 in the medium term.
The author is a Senior Technical Analyst, IIFL.
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