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Technical Trading Idea
LIC Housing Ltd
* LICHSGFIN is moving in a strong downtrend and sustaining well below its major support of 270 zone. After an inside bar formation on weekly chart, it showed bearish momentum in yesterday’s trading session, which is a negative sign for the stock. Despite yesterday’s strong rally in the broader market, stock failed to move higher and ended in negative territory for third consecutive session.
* Considering overall chart structure, we are expecting the stock to continue its ongoing correction towards 191 levels in coming days. Thus, traders are advised to take a short trade with a stop-loss of 230.
Sell LIC Housing Ltd 2-3 Days SL 230 Target 191 CMP 217
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