Stock Picks - Buy Repco Home Finance Ltd For Target Rs. 402 - ICICI Direct
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Technical Observations
* The share price of Repco Home Finance is at the cusp of breaking above the falling supply line joining highs since March 2019 (| 482), as can be seen in the adjacent chart signalling strength and offers fresh entry opportunity.
* We expect to continue with its recent up move and head towards | 402 levels as it is the 123.6% external retracement of the previous decline (| 378-268) placed around | 402 levels
* The base of the recent consolidation is placed at the 52 weeks EMA signalling positive price structure
* The stock in the smaller time frame is seen breaking above last three months consolidation range (| 378-268) thus supports the positive trend in the stock
* The weekly 14 periods RSI has recently generated a buy signal moving above its nine periods average thus supports the positive bias in the stock
Buy Repco Home Finance Ltd @ 355.00-366.00 TGT 402.00 SL 340.00
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