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Investors with a short-term perspective can sell the stock of LIC Housing Finance at current levels. The stock has plunged 8 per cent accompanied by above average volume on Monday, slumping below a key support level of ₹260.
After a short-term uptrend, the stock had encountered a key resistance at ₹290 last week and reversed direction. The stock has been struggling to surpass a key resistance at ₹290 over the past two weeks. After a sideways movement, the stock has begun to decline and has tumbled below a key support level of ₹260 on Monday. The near-term outlook appears to be bearish for the stock. It has the potential to trend downwards in the upcoming trading sessions.
The stock is likely to slump below a key support as well as the 21-day moving average level. The daily price rate of change indicator shows near-term weakness.
The short-term outlook is bearish for the stock. It has the potential to trend towards and reach the price targets of ₹248 and ₹243. Traders can sell the stock with a stop-loss at ₹266 levels.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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