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To watch ??
Indiabulls Housing Finance Technical Opinion suggests that it is forming a double bottom or W candlestick pattern on the daily chart. It is also trading near its long term support and in past, it has bounced back from this level multiple times.
One of the interesting learning about harmonic patterns/repetitive patterns or fractals from the Indiabulls Housing Finance chart is that the same type of patterns is forming on both the daily and weekly charts. The repetitive pattern is Triangle pattern and stock always back after forming this kind of pattern.
The analysis of volume/traded value and delivery % suggests that volume increase just before a heavy fall in the stock price. The low delivery percentage implies that buying or selling is speculative in nature.
Indiabulls Housing Finance is a highly volatile stock of Nifty 50 and you can observe big candles on the charts. Normally, highly volatile stocks are not considered a good option for long term investment.
The option chain analysis suggests that the short term trend is bullish. Therefore, you may observe upside movement as suggested by both the technical analysis and option chain analysis.
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