It’s really a wonder to see how a couple of months ago, Indiabulls Housing Finance was a dear stock to most of investors and traders.
Today the story is completely different! Once the broad market and major stocks entered into a correction phase, Indiabulls witnessed a drastic selloff since the beginning of 2022.
If we look at the weekly chart, the overall picture becomes quite clear. After a temporary rally in the first two years, prices have precisely broken below the key support zone at 200.
Right now, Market behavior is reflecting nothing but downward momentum on the Stock.
Take a look at the Price Action on the weekly chart for yourself
Indiabulls Price Action Analysis on 1W Chart
Observe the recent Price Action; all those uninformed buyers who expected the prices to go up got trapped by the market behavior.
Prices have also broken out below the support zone, which indicates more selling pressure on the stock.
Even the volume has been consistently declining since the last couple of weeks.
Based on these observations, we can expect more selling pressure on the stock, if the broad market witnesses further bearish sentiment.
Traders should be aware of the Stock and take decisions as per the unfolding Market Behavior and Price Action.
Market conditions don’t look better, so make sure to follow proper risk management.