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Investors with a short-term perspective can buy the stock of L&T Finance Holdings at current levels. Strengthening the medium-term uptrend that has been in place from the 52-week low of ₹78.6 recorded in October last year, the stock gained almost 4 per cent with above average volume on Monday. Moreover, this rally has decisively breached a key resistance at ₹122 after a sideways consolidation phase. The stock had resumed its uptrend taking support at ₹115 last week, where the 200-DMA provided base. It trades well above the 50- and 200-DMAs. There has been an increase in daily volume over the past one week.
The daily relative strength index features in the bullish zone and the weekly RSI has just entered the bullish zone from the neutral region. Besides, the daily as well as the weekly price rate of change indicators are hovering in the positive terrain implying buying interest.
Overall, the short-term outlook is bullish for L&T Finance Holdings. It has potential to trend upwards and reach the price targets of ₹132 and ₹135 in the ensuing trading sessions. Traders with a short-term view can buy the stock with a stop-loss at ₹124.
Note: The recommendations are based on technical analysis. There is a risk of loss in trading.
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