Sell Indiabulls Housing Finance, target Rs 1010: Ashish Chaturmohta
"The stock can be sold at current level and on the rise up to Rs 1,120 with a stop loss above Rs 1,150 for a target of Rs 1,010 levels," says Ashish Chaturmohta of Sanctum Wealth Management.
May 22, 2018 / 11:25 AM IST
Indiabulls Housing Finance has formed a bearish head and shoulder reversal pattern on its weekly chart. Last week, the price witnessed a breakout from the pattern on the downside.
The price has also given a breakout from the Bollinger bands with the expansion of bands on the weekly chart suggesting the trend likely to continue on the downside.
The weekly MACD line has moved below the neutral level of zero suggesting further downtrend. Thus, the stock can be sold at current level and on the rise up to Rs 1,120 with a stop loss above Rs 1,150 for a target of Rs 1,010 levels.Disclaimer
: The author is Head Technical and Derivatives, Sanctum Wealth Management. 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.