Indiabulls Real Estate (₹164.7): Sell

Investors with a short-term perspective can sell the stock of Indiabulls Real Estate at current levels. The stock fell 3 per cent breaching a key near-term support at ₹170 on Tuesday. This has strengthened the medium-term downtrend that has been in place since January 2018.

The stock encountered a key resistance in the band between ₹260 and ₹270 in January and changed direction. Since then, the stock has been trending down. Short-term trend is also down. The stock has breached its 21- and 50-day moving averages while trending down and trades well below them.

The daily relative strength index feature in the bearish zone and the weekly RSI has entered the bearish zone from the neutral region. Both the daily and the weekly price rate of change indicators are hovering in the negative territory implying selling interest.

The short-term outlook is bearish for the stock. Targets are ₹158 and ₹154.5. Traders can sell the stock with a stop-loss at ₹168.5.

(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)

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