Todays Pick

Can Fin Homes (₹710.55): BUY

Gurumurthy K BL Research Bureau | Updated on October 05, 2021

The outlook for the stock of Can Fin Homes is bullish. The stock surged 5.93 per cent on Monday breaking above the key near-term resistance level of ₹695. Prior to this rise the stock was stuck in a range of ₹635-₹695 for more than a week. It also indicates the resumption of the uptrend that has been in place since mid-August. Immediate support is at ₹695 and the next one is at ₹670. The stock can rise to ₹810 and ₹850 in the coming weeks. Traders with a short-term perspective can go long at current levels. Accumulate longs on dips at ₹690 and ₹675. Stop-loss can be placed at ₹655. Trail the stop-loss up to ₹725 as soon as the stock moves up to ₹745. Move the stop-loss further up to ₹775 as soon as the stock touches ₹795. Book profits at ₹825. The bullish outlook will get negated if the stock breaks below ₹670 decisively. Such a break can then drag the stock lower to ₹600 thereafter.

(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)

Published on October 05, 2021

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