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Shares of Indiabulls Housing Finance today hit a 3-month high, and chart suggests more upside. The stock gained as much as 2.9 per cent to Rs 1,345, highest since April 23.
The stock has broken above a resistance at Rs 1,300.59, the 23.6 per cent Fibonacci projection level of the uptrend from December 27, 2016 low to January 29, 2018. The breakout suggests that the stock may now rise up to the next resistance at Rs 1,420.81, the 38.2 per cent projection level.
The wave pattern suggests that a “double three” correction has completed and the stock is now in the first wave of a five-wave uptrend. Indiabulls Housing stock's 20-day exponential moving average has cut above the 50-day EMA, seen bullish for the stock.
Trend intensity indicator rose to 20, suggesting an uptrend for the stock. MACD is also positive and above its signal line. The stock had gained 9.26 per cent this year as of last close, compared with the broader NSE index's 5.7 per cent gain.
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