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Shares of Indiabulls Housing Finance Ltd fell as much as 6.3 per cent to Rs 632.05, its lowest since February 20.
The stock broke below a support at Rs 642.07, the 76.4 per cent Fibonacci projection level of the downtrend from its April 5 high to May 13 low.
The stock fell over 8 per cent on Monday after an investor filed a writ petition in the Supreme Court against Chairman Sameer Gehlaut for allegedly siphoning Rs 98,000 crore. The company says it is a “blackmailing racket” that's targeting it.
The wave pattern suggests the stock is in wave C of a three-wave downtrend; the current wave has the potential to travel up to a support at Rs 578.8, the 100 per cent projection level.
The stock has the nearest Fibonacci support at Rs 615.26, the 86.4 per cent projection level, while immediate resistance is at Rs 642.07.
MACD is negative and below its signal line, and is seen unfavourable.
The stock is down 21 per cent this year as of last close, while the broader NSE Index has gained 10.2 per cent in the same period.
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