Trading strategies: LIC Housing Finance
- LIC Housing Finance: LIC Housing Finance has signaled trend reversal from a medium term uptrend after prices closed below its 200-DMA in yesterday’s trading session. Moreover, the daily chart is forming lower tops and lower bottom and short term support for the stock placed at Rs250 which was broken convincingly and below same the downward momentum is expected to continue. This was also followed with breakdown from Symmetrical Triangle pattern. The amplitude of breakdown of triangle projects downside potential in the counter to Rs237.
Recommendation: Indiainfoline recommends traders to go short on LIC Housing Finance September Futures below Rs249 with stop loss of Rs255 for target of Rs237. (Duration 6 days)
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The India Infoline group, comprising the holding company, India Infoline Ltd and its wholly-owned subsidiaries, straddle the entire financial services space with offerings ranging from equity research, equities and derivatives trading, commodities trading, portfolio management services, mutual funds, life insurance, fixed deposits, GOI bonds and other small savings instruments to loan products and investment banking. The company has a network of over 2100 business locations (branches and sub-brokers) spread across more than 450 cities and towns & caters to approximately a million customers.
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