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Investors with a short-term perspective can buy the stock of GIC Housing Finance at current levels. Since recording a 52-week low at ₹52.1 in March 2020, the stock has been on an intermediate-term uptrend.
Both medium as well as the short-term trends are up for the stock. After a corrective decline in early January this year, the stock found support at ₹113 in late January and bounced up. Since then, it has been in a short term uptrend. While trending up, the stock had breached its 21- and 50-day moving averages in the past week and trades well above them.
On Tuesday, the stock jumped 6 per cent accompanied by above average volume, breaking above a key resistance at ₹128. There has been an increase in volume over the past three trading sessions. The daily as well as the weekly relative strength indices are featuring in the bullish zone backing the uptrend. Also, the daily and the weekly price rate of change indicators are hovering in the positive terrain implying buying interest.
The short-term outlook is bullish for the stock. It can extend the uptrend and reach the price targets of ₹139 and ₹142. Traders can buy the stock with a stop-loss at ₹130.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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