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The outlook for Dewan Housing Finance (₹330.7) is positive, as long as it stays above ₹297. Despite huge gains on Thursday with strong volumes, the stock has to stay above ₹317 to reconfirm the bullish trend. If uptrend sustains, DHFL will sail in unchartered territory and can move up to ₹410. The long-term outlook will turn negative only if DHFL closes below ₹231.
F&O pointers: The DHFL March contract added 1.53 lakh shares, which is 76 per cent higher, over the previous day. Among the options, ₹330-call was the most active. As the share price rose, it saw unwinding of open positions, signalling positive bias.
Strategy: Traders with long term perspective can consider going long on DHFL with a stop-loss at ₹317 for an initial target of ₹356. Traders with a high-risk appetite can even consider going for a long term target of ₹410 with a trailing stop-loss. Once, the stock closes above ₹337, the stop-loss can be shifted to here.
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