Stop loss: 450 LIC Housing Finance has witnessed a fresh breakout of late, after spending nearly a month in a consolidation range. Besides, it has also surpassed the hurdle of the declining trendline on the weekly chart. All indications are in the favor of prevailing momentum to continue. Traders should not miss this opportunity and accumulate in the mentioned range.
========================================
Disclaimer: Ajit Mishra is VP - Research at Religare Broking Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news,
BUY HDFC AMC | TARGET: Rs 3,150 | STOP LOSS: Rs 2,850 The stock was in a strong uptrend and witnessed some profit booking from the higher levels. If we take the retracement of the entire rally, then the stock has found support at 38.2 per cent retracement levels which is placed at 2,850 levels. The momentum indicator RSI and MACD are very well in the buy mode on the weekly time frame and hints of a trend reversal on the higher side.
BUY ICICIGI | TARGET: Rs 1,425 | STOP LOSS: Rs 1,340 The stock formed an inside bar pattern on the daily chart which is considered as a bullish reversal pattern. On the daily time frame, the stock has found support at the placement of 200 DEMA and 200 DSMA, and this support are intact since April 2020. The momentum indicator RSI is showing signs of reversal from the oversold territory and MACD has provided a fresh buy crossover on the hourly chart which hints of a further momentum on the higher side.