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Last Updated : Dec 14, 2018 11:44 AM IST | Source: Moneycontrol.com

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.

Moneycontrol Contributor @moneycontrolcom
 
 
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Hadrien Mendonca

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.

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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.

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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First Published on Dec 14, 2018 11:44 am
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