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The stock of IIFL Holdings surged 5.7 per cent breaching its 21- and 50-day moving averages on Monday. This bullish momentum extended as the stock rose 3 per cent in the subsequent trading session as well. Traders with a short-term perspective can buy the stock at current levels. The stock has been on a long-term uptrend since taking support at around ₹46 in September 2013. Within this uptrend, the stock has been in a medium-term sideways consolidation phase with an upward bias.
The daily relative strength index is on the brink of entering the bullish zone from the neutral region while the weekly RSI is featuring in the bullish zone. The moving average convergence divergence indicator on the daily chart has signalled a buy. The short-term outlook for the stock is bullish. It can continue its ongoing rally and reach our price target of ₹195.5 and then ₹200 in the coming trading sessions. Buy the stock with a stop-loss at ₹184.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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