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Trading strategies: LIC Housing Finance

Indiainfoline | Published: 28 Aug, 2012  | Source : ValueNotes.com | Follow Author | Add to my Favourites


Technical picks for the day by Indiainfoline
 
- 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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