Business Daily from THE HINDU group of publications
Thursday, Apr 03, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Apr 03, 2008 ePaper | Mobile/PDA Version |
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Stocks Markets - Recommendation
We recommend a sell in LIC Housing Finance from a short perspective. It is clearly visible from the charts of LIC Housing Finance that the stock has been moving sideways since January 2008 in a range between Rs 235 and Rs 315. Following a short-term rally for the lower boundary level (Rs 235), the stock witnessed selling pressure at around Rs 300 that is just below the upper boundary level recently. On April 2, the stock declined forming a bearish engulfing candlestick pattern accompanied with above average volume, which is a reversal pattern. With this decline, the daily momentum indicator also began to decline in the neutral region. Moreover, the stock has been on an intermediate term downtrend from its 52-week high of Rs 402 touched on December 11. Considering the intactness of the intermediate term downtrend and the bearish engulfing candlestick pattern of the stock, we expect the stock to decline to our target level of Rs 235 in the short-term. Investors with a short-term perspective can sell the stock with stop-loss at Rs 300. Yoganand DMore Stories on : Stocks | Recommendation | Housing Finance
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