Buy Indiabulls Housing Finance Ltd ::Edelweiss

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India Bulls Housing Finance, the fourth largest Housing Finance with the AUM of Rs.450bn. The company was established in 2000 providing home loans, loan against properties and commercial vehicles loan having presence in more than 200 locations across India.

The daily price chart shows that prices are near its long term trendline support zone placed near 540 level. The stock is now between the support zone of 50 DMA (589) and 100 DMA (521). In previous instances of it correction, it has revesed from the support zone of 50 and 100 DMAs and has rallied to make a new high. Another important observation to be made on the chart is that in all major corrections witnessed by the stock in past one year, the stock has fallen with an average of 14% from its swing high. In the recent decline, the stock has corrected more than 17%.

Considering the medium and long term trend, we expect prices to reverse from the current support zone of 540-575 levels and resume its upmove towards a new all time high territory.

We recommend accumulating the stock in the range of 540-575 for a target of 705.