Indiabulls Real Estate target seen at Rs 260: Aditya Birla Money

MUMBAI: Aditya Birla Money is of the view that charts of Indiabulls Real Estate indicate that both the long and short term trend for the stock is up. It expects a target of Rs 260 on the stock.

“India Bull Real Estate has been trading well above all its major moving averages indicating that both the long and short term trend for the stock is up.

Yesterday’s price action produced a big white candle were it managed to breach and close above the falling supply line indicating perhaps the change in polarity.

Pattern wise post January 2010 highs it has it has formed Bullish trend reversal cup and shoulder pattern. The depth of the pattern is 60 points which suggest a possible target of Rs 260 for the stock.

Momentum oscillators like Daily Stochastic have given a positive crossover where the MACD continues to stay in a positive zone. Also RSI has given a breakout above it falling trend-line,” the report said.