Stock Picks - Buy Can Fin Homes Ltd For Target Rs.702 - ICICI Direct
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Technical Observations
• The stock has generated a resolute breakout above a falling supply line joining highs since October 2021 (|721) signalling reversal of the corrective trend and offers fresh entry opportunity
• The stock has recently rebounded taking support at the 200 days EMA (currently placed at |578) signaling strength and a positive price structure
• We expect the stock to maintain positive bias and head higher towards | 702 levels in the coming weeks as it is the 123.6% extension of the previous up move (|519 to 638) as projected from the recent tough of | 556 signal up side towards | 702
• Among the oscillators the daily MACD is seen rebounding taking support at its nine periods average thus validates positive bias in the stock
Buy Can Fin Homes Ltd @ 640.00-652.00 TGT 702 SL 622
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