Aditya Agarwal
Looking at the weekly chart, Indiabulls Housing Finance broke the upward sloping trend line during mid May 2018 and saw sharp correction towards Rs 1,080.
Subsequently, the stock saw decent recovery and retested its trend line which we termed as a pullback. In line with the technical, stock precisely resists near the upward sloping trend line and turned sharply lower.
During Thursday’s session, stock confirmed its breakdown post-consolidation. The daily Bollinger band has started expanding, indicating a period of high volatility is on the card.
Hence, traders can build a short position in the range of Rs 1,155 to Rs 1,165 with a price target of Rs 1,080. A stop loss should be placed at Rs 1,197.
Disclaimer: The author Head of Technical Research, Way2Wealth Brokers Pvt. Ltd. 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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