Stock Picks - Buy Can Fin Homes Ltd For Target Rs. 598 - ICICI Direct
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Technical Observations
* The share price of Can Fin Homes logged a fresh breakout from contracting triangle pattern on the back of rising volumes, indicating resumption of primary up trend that offers fresh entry opportunity.
* We expect the stock to accelerate upward momentum and head towards | 598 levels as it is 80% retracement of Mar-Apr 2021 decline (|620-489) coincided with May 2021 high of |596
* Key point to highlight is that, over past four months stock has retraced 80% of March 2021 rally (| 468-620). Slower pace of retracement above 200 days SMA signifies robust price structure that augurs well for next leg of up move
* Among the oscillators the daily 14 periods RSI has recently generated a buy signal moving above its nine periods average thus supports the positive bias
Buy Can Fin Homes Ltd @ 542.00-554.00 TGT 598 SL 523
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