Comments
BL Research Bureau
The shares of Indiabulls Housing Finance Limited marked a new 52-week low on the back of the news that a PIL has been filed against the company.
The stock opened with a gap down at ₹422 versus Thursday’s close of ₹447.95 and declined to ₹405 in first few minutes of the trade. The stock recovered from its intraday low and is currently trading at ₹423, which is still 5.5 per cent lower against yesterday’s closing price.
Though it has recouped some of its losses, a full-fledged recovery is less likely to happen.
The stock has a key resistance at ₹430 and break above this level, it can move higher towards ₹450 levels. Until then, it’ll continue to be in line with its major bearish trend.
If the stock continues to drop, it will find support in the band between ₹405 and ₹407. However, if those levels are breached, the probability of it declining towards ₹375 will become higher.
Hence, the key levels which calls for attention are ₹405 and ₹430. Direction of the breakout will hint the medium-term trend.
Supports: ₹405 and ₹375
Resistances: ₹430 and ₹450
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.