February 02, 2017
Indiabulls Housing Finanace (NSE Cash)
BUY
` 744
` 780 - 786
` 860
14 - 21 Sessions
Hourly Chart
Source: Falcon (Time : 09:55 IST)
Justification:
After the strong rally from `642.10 to `780, the stock started moving in sideways direction. The consolidation phase of
last 10 sessions has resulted into formation of a ‘Pennant’ pattern on hourly chart, which is a bullish continuation
pattern. Today, we are witnessing a breakout from the mentioned pattern with decent volumes (see exhibit). The ‘RSI’
oscillator along with set of moving averages (E5, E20 and E89) is placed positively on both weekly and daily chart,
indicating strength in the counter. Considering current chart structure, we are expecting an up move in the stock. Thus,
we advise traders to buy this stock at current levels and on declines to `780 for a target of `860 in coming 14 - 21
sessions. The stop loss for this trade set up can be kept at `744.
Jay Kumar Purohit
022-3935 7600 Extn: 6844
1
February 02, 2017
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SL Triggered
Source: Angel Research
Research Team Tel: 022 - 4000 3600 (Extn. 6552)
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