Real estate finance company Indiabulls Housing Finance Ltd recorded a day of major volatility on December 16 following news of stake trade by author Sameer Gehlaut but bulk buying by top investors reaffirmed its strong base.
The mortgage financier started the day with a gap-up opening of 7 per cent at Rs282.60 on the BSE, which was also itsintra-day high. The shares plunged about 6 percent intraday to Rs248.55 before settling4.2 percent down at Rs254.3 at the close of trading on Thursday.
The shares had soared on reports that Gehlaut had vended11.9 percent stake in the company through a block deal. “ I’ll be relinquishing from the board of the company by end of the current financial ending March 31st, 2022, and will be completing the process ofde-promotorisation of the company with needful blessings,” he wrote in an dispatch transferred to the Indiabulls Housing Finance Board of Directors.
“ We’ve made significant progress and moment, in durability of executing on that vision, I’ve done a seminal sale through my protagonist companies, I’ve vended11.9 percent in the company with a view to make the company a completely professionally managed and run company,” he wrote. “ With this trade, I and my protagonist companies now enjoy9.8 percent of the company.”
Gehlaut, Sameer Gehlaut IBH Trust and Inuus Structure held21.69 percent in Indiabulls Housing as of September 2021. Investors like Morgan Stanley and Abu Dhabi Investment Authority (ADIA) also have picked up significant stake in the company.
The counter recorded multiple block deals with some of the marquee investors on the NSE on Thursday.
“ IndiaBulls Housing Finance shares have broken out this month, rising16.4 percent, with the FNO stock being heavily traded,” said Sonam Srivastava, Author, Wright Research, on December 16.
“ The accession of shares by Blackstone and ADIA is a huge positive for the company. So, moment’s fall could be attributed to call options being wound down or other long bets being exited after the capstone of the block,” she said.
On the daily map, the stock has given a rout of falling channel conformation and formed a good base around 205-200 situations which suggests an upside instigation in the counter. Though in moment’s trading session, the stock has shown profit- reserving from advanced situations and formed an open bearish marabozu kind of candle which covers the last four trading session earnings.
The stock has been trading above 21 * 50 Days Moving Pars with a bullish crossover as well as MACD is also reading with a positive crossover on a diurnal time frame. This suggests strength in the counter.
At present, stock has good support around 230-225 situations, while resistance comes at 275 situations. Crossing above the position can show 290-300 situations.
Price is taking Support at Rs 254 which was a resistance tested multiple times before. One may buy at current situations considering the support area. Aggressive investors can buy at current situations for a target of Rs 290 with a stop loss of Rs 240. Protective investors may stay for a reversal sign near Rs 240.
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