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Strong Breakout given by INDIABULLS, trading above resistance of 193

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Last Friday (22-Oct-2010) we saw strong run-up in the stock of Indiabulls Financial Services Limited with volume more than 11 million (11,959,242), This rally is a positive breakout and the stock must post further gains. This stock has seen strong resistance at 193 levels in the past but, the closing above this levels has opened the way for 234 and 252. A temporary overbought situation might keep this stock in range of 205 to 213, so this is like a buying opportunity.

Our recommendation: Enter this stock at 203 to 209 levels for the target of 234 and 252. Stop loss must be placed at 191. We are very Bullish on this stock.

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About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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