Indiabulls Housing may touch Rs 635-640: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "Though Indiabulls Housing Finance has moved significantly, if you look at the overall chart in last three-four months it has been consolidating from a higher end near Rs 600 and lower end at Rs 565-570. The stock has come out of this consolidation phase and the volumes have been good so far. Today also they are good, so I feel that if Rs 600 is sustained, there is a possibility that it might jump to the previous high levels of Rs 635-640. If those are sustained then it is going to be in the next orbit and we will be looking at much higher targets in terms of buying modules.""I feel that if Rs 600 becomes a very crucial level, Rs 590-595 is a good support for this stock in the immediate basis, we might see some amount of consolidation. The momentum indicators are still pointing that the trend is intact and we might again be heading towards the levels of Rs 635-640 in the coming days. So Rs 590 can be utilised as a stop loss and target should be Rs 635-640," he said.Disclosure: Analyst has no personal holdings in the stock but it is possible that he may have recommended them to his clients at LKP.