The Government of India has decided to continue the Home for All Mission till December 31, 2024.
Indiabulls Housing Finance stock rose.
Shares of Indiabulls Housing Finance opened at Rs 123 and closed at Rs 124.20 today.
New Delhi. Under the Pradhan Mantri Awas Yojana-Urban (PMAY-U), the Government of India has decided to continue the Home for All mission till December 31, 2024. Shares of Indiabulls Housing Finance rose after Union Cabinet approval. It is also receiving better-than-expected results in the first quarter of FY23.
Shares of Indiabulls Housing Finance opened at Rs 123 and closed at Rs 124.20 on the NSE today. It jumped 1.26 percent in a day. However, since July 15 this year, this stock in Rakesh Jhunjhunwala’s portfolio has been booming. On July 15, it hit a low of Rs 90.10.
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Should I invest in this stock?
Ravi Singhal, CEO, GCL Securities told Live Mint, “Housing finance companies are expected to benefit from Wednesday’s Cabinet approval for continuation of Pradhan Mantri Awas Yojana-Urban (PMAY-U). Additionally, the company’s management recently underwent a restructuring, which helped the company report better-than-expected Q1 results on Wednesday. So both the factors can be attributed as the main reasons for this stock growth.” He said that the stock is showing good RSI numbers and is poised for a strong upside swing in the chart pattern as well.
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Ravi Singhal of GCL Securities advised positional investors to hold the stock for a long period and said the stock should be held as long as it stays above ₹100. But buy it only if it is under ₹120. Singhal said the stock could move to the Rs 200 level in the long term.
Target Rs 150, stop loss below Rs 100
Ravi Singhal and Sumit Bagadia, Executive Directors, Choice Broking said, “The stock is facing resistance at ₹130 and after sustaining above ₹130, it may move towards ₹150 in the short term. Going down, it can be bought up to Rs.100. Stops should be maintained below ₹100 per share level. The target will be 150 rupees.
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First Published: August 11, 2022, 16:54 IST