Indiabulls at rs 176 Support line, Might Rise

INDIABULLS Daily NSE Stock Chart Technical Analysis:

Indiabulls again fell today, Opened at 196.4 and fell throughout the day to close at CMP 180.5 (losing close to 8% on a single day).

Market Outlook:  

• The price fall will be challenged by the support at 176.  It will be important to watch if the price respects this level or breaks and falls below it.  Even today you can see that the price reached this important support level as its intraday low but then rose back again.

Technical Indicators:

• 176 is a double support - a double bottom and Fibonacci.  The moment stock price touched this level, the market resumed buying interest in Indiabulls.
• If the stock remains above 176 and rises again, one could buy with a target of 216-221.
• The stock is deeply oversold, indicating a possible upward correction very soon.
• If the price falls below 176, the next support will only come at 159.  

INDIABULLS Daily NSE Stock Chart Technical Analysis