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Published on 28/10/2020 11:41:58 AM | Source: ICICI Direct

Stock Picks - Buy L&T Finance Holdings Ltd For Target Of Rs. 73 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #NBFC #L and T Finance Holdings Ltd #Trading Report #ICICI Direct

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Technical Observations

* The stock has generated a breakout above the falling supply line joining highs of February 2020 (|134) and September 2020 (| 73.50) signalling reversal of the corrective trend and resumption of up move thus offers fresh entry opportunity

* It has recently rebounded taking support at the lower band of the rising channel in place since May 2020 and the 80% retracement of the previous up move (| 50.80- 74.75) highlighting a positive price structure

* We believe the stock has immediate support at | 61 levels being the confluence of the previous week low and 50% retracement of the current up move (| 55.60 to 66.80) placed around | 61 levels

* Among the oscillators, the daily 14 periods RSI in up trend sustaining above its nine periods average thus validates positive bias.

* We expect the stock to continue with its current up move and test the August high of | 73 in the coming sessions

 

Buy L&T Finance Holdings Ltd @ 65.00-67.00 TGT 73.00 SL 61

 

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