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Investors with a short-term perspective can sell the stock of Indiabulls Real Estate at current levels. Following a corrective near-term rally from the base level of ₹64, the stock encountered key resistance around ₹85 in late November. The 50 per cent fibonacci retracement level of the prior downtrend coincides with this. The stock then resumed its intermediate-term downtrend that has been in place from the June peak of ₹109 levels.
On Thursday, the stock fell 3.5 per cent with above average volume, decisively breaching an immediate support and 200-day moving average at ₹72. The stock is hovering well below its 50- and 200-day moving averages. Other indicators on the daily chart are on the brink of entering the negative territory. The short-term outlook is bearish. The stock can fall further and reach our price target of ₹67 and then to ₹65.5 in the forthcoming trading sessions. Sell the stock while retaining a stop-loss at ₹71.2.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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