Buy Indiabulls Real Estate for target of Rs 156-170:Aditya Birla Money
Aditya Birla Money is of the view that Indiabulls Real Estate looks bullish on the charts. It has advised to buy the stock for target of Rs 156-170.
By ET Bureau |
MUMBAI: Aditya Birla Money is of the view that Indiabulls Real Estate looks bullish on the charts. It has advised to buy the stock for target of Rs 156-170.
"Indiabulls Real Estate bounced back last week from the channel support forming two consecutive Bullish Belt Hold pattern. The Bullish Belt Hold patterns formed indicate further bullishness in prices. Prices could edge higher towards 50-61.8 per cent retracement of the last fall at Rs 156-170.
Daily stochastic is rising while weekly stochastic has given a positive crossover with last week’s price action. RSI has formed a double bottom on weekly charts while Daliy RSI is rising. Momentum indicators are thus supporting our bullish stance.
Buy the stock for target of Rs 156/170 with stop placed below Rs 124 on closing basis," the report said.
"Indiabulls Real Estate bounced back last week from the channel support forming two consecutive Bullish Belt Hold pattern. The Bullish Belt Hold patterns formed indicate further bullishness in prices. Prices could edge higher towards 50-61.8 per cent retracement of the last fall at Rs 156-170.
Daily stochastic is rising while weekly stochastic has given a positive crossover with last week’s price action. RSI has formed a double bottom on weekly charts while Daliy RSI is rising. Momentum indicators are thus supporting our bullish stance.
Buy the stock for target of Rs 156/170 with stop placed below Rs 124 on closing basis," the report said.
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