The outlook for the stock of Indiabulls Housing Finance is bullish. The stock rose 1.9 per cent on Thursday. The stock has been in a strong uptrend since the last week of June. After a temporary pause around ₹800, the stock has resumed its uptrend. The 4 per cent rally over the past three trading days confirms this trend. Also, this rise has begun after the stock took support from the 21-DMA at ₹794. . A rise to ₹850 and ₹860 looks likely in the coming days.
Traders with a short-term perspective can go long. Stop-loss can be placed at ₹810 for a target of ₹850. Accumulate longs on dips near ₹815. Revise the stop-loss higher to ₹830 if the stock moves up to ₹835.
The outlook for the stock will turn negative only if it breaks below the 21-day moving average support. Such a break can drag it to ₹785 or even ₹770 thereafter. But such a strong break and fall looks less probable at the moment.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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