April 30, 2019 / 5:06 AM / 3 months ago

BUZZ-Indiabulls Housing Finance breaks key support; chart points to more downside

** Shares of Indiabulls Housing Finance Ltd fall as much as 7.37 pct and break below a support at 725.5 rupees

** Support at 725.5 rupees is identified as the 23.6 pct Fibonacci projection level of the downtrend from Aug. 6, 2018 high to Feb. 11, 2019 low tmsnrt.rs/2Wgdd9M

** Stock also breaks below its ichimoku cloud, seen as a bearish sign

** Breakdown suggests in a couple of days stock may test the next support at 605.55 rupees, the 38.2 pct projection level

** MACD is negative and below its signal line

** Stock is down 43.65 pct in the year to Monday’s close, compared with a gain of 10.71 pct in the broader NSE Index (Reporting by Gaurav Dogra)

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