Hi Prakash...for all its great fundamentals, Indiabulls is being dragged over coals...it's playing out some karma it seems. I'm not too concerned at the price action for now as the great fundamentals will have to prevail at some point. The market is extremely frivolous and flighty in nature and will react very sensitively to the slightest of reasons, and this counter is being subject to this behaviour.
The day there is some good news on this, meaning an official clearance from SEBI on its role in price manipulation recently, it should shoot up rapidly...it's really a great buy at these levels...a steal indeed. The other factor working against it is the recent Bombay High Court's stand on sale of property by certain mills where Indiabulls had picked up some very valuable propert a few months ago.
For the near term however, below 140 is the danger level. It's come off intraday low at 143 a few sessions ago, so at lower levels there is increased buying support. Watch this level carefully, but even then this is all temporary and will pass in time. Climbing and closing above 154-162 should be the immediate goal.
Regards.
The day there is some good news on this, meaning an official clearance from SEBI on its role in price manipulation recently, it should shoot up rapidly...it's really a great buy at these levels...a steal indeed. The other factor working against it is the recent Bombay High Court's stand on sale of property by certain mills where Indiabulls had picked up some very valuable propert a few months ago.
For the near term however, below 140 is the danger level. It's come off intraday low at 143 a few sessions ago, so at lower levels there is increased buying support. Watch this level carefully, but even then this is all temporary and will pass in time. Climbing and closing above 154-162 should be the immediate goal.
Regards.
