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Technical Stock Pick - Buy Indiabulls Housing Finance Ltd For Target Rs. 299 - HDFC Securities 

TECHNICAL OBSERVATIONS

* After correcting from a high of 251 touched in early January 2021, Indiabulls Housing Finance found support around the 187 levels in early February 2021.

* As this is close to the 200 day SMA, it implies it is a strong support area. The stock then bounced back smartly and made higher tops and higher bottoms in the process.

* Yesterday, the stock broke out of the 210-230 range on the back of above average volumes. This indicates that there has been significant accumulation happening in this counter.

* Technical indicators are giving positive signals as the stock is trading above the 20-day and 50-day SMA and momentum indicators like the 14-day RSI are in rising mode and not overbought.

* With the technical set up looking attractive on all major timeframes, we expect the stock to gradually move higher in the coming weeks.

* Our entry levels with stop loss and targets have been mentioned above.

Buy Indiabulls Housing Finance Ltd 2-6 Months @ 224-235 CMP 232.3 TGT 299 SL 210

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