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Indiabulls Housing Finance Ltd's shares, which gained as much as 9.63 per cent to Rs 805, may have ended a correction.
According to technicals, the stock's wave pattern suggests it has completed a three-wave correction that started on January 29. The stock is in the first wave of a new uptrend, unless the correction turns out to be a combination of corrective patterns.
The stock has broken above its 20-day exponential moving average and a resistance at Rs 778.2, the 14.6 per cent Fibonacci retracement level of the downtrend from January 29 high to December 11 low.
MACD is above its signal line, seen favourable. The stock had fallen 38.63 per cent this year as of last close, while the broader NSE Index was up 1.96 per cent in the same period.
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