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