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The stock of LIC Housing Finance surged 3.3 per cent accompanied by above average volume, breaching its 21-day moving average as well as downtrend-line on Wednesday. This gives a buying opportunity for investors. Following a medium-term downtrend from the stock’s 52-week high of ₹509 marked in late February, the stock found support in the ₹390-400 band. The stock subsequently changed direction triggered by positive divergence in the daily moving average convergence divergence and price rate of change indicators.
The long-term uptrend is still intact. The indicators on the daily chart are heading towards the bullish zone adding strengthen to the uptrend. The short-term outlook is bullish for the stock.
It can extend the current rally and reach the price target of ₹432.5 and ₹440.5 in the approaching trading sessions. Buy the stock with a stop-loss at ₹407.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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