Recommended Stock of the Week – Indiabulls Housing Finance Limited (IBHFL)
Weekly Techno-Funda Report – 11 Feb 2017
SHORT TERM PERSPECTIVE:
(CMP – Rs. 813 )
Indiabulls Housing Finance Limited is a housing finance company. Company’s primary business activities are to carry on business of investing and finance related activities (investing in various subsidiaries, financing of loans and credit activities) and fee income, which mainly consists of financial service related fee income from services, selling of insurance products as a licensed corporate agent, and other related ancillary services. Its geographic segment includes Within India.
Source: Capitaline Database, EWAL Research
IBULHSGFIN has formed a double bottom formation on daily chart, this is bullish pattern in nature. After a sharp up move, stock is trading in a profit booking mode and this correction could take place till 800 level, so we strongly advised that this correction could be buying opportunity. Hence, one can initiate a buying position between Rs 800-795 levels with a stop loss of 770 (closing basis) for the target of Rs 870-900. Time frame should be 2-3 weeks.
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