Stock Picks - Can Fin Home Ltd For Target Of Rs. 632 - ICICI Direct
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Technical Observations
*The stock has generated a breakout above the bullish Flag pattern signal resumption of the primary up trend and offers fresh entry opportunity
*The share price has recently witnessed a faster retracement of the last falling segment as nine sessions decline (| 534-468) was completely retraced in just five sessions. A faster retracement in almost half the time period signals robust price structure
*The base of the current flag formation is placed at the rising trendline support joining recent highs signalling a change of polarity as previous resistance has reversed its role and acting as support
*The daily MACD is in up trend and is seen diverging from its nine periods average thus validates positive bias
*Based on the above technical observations the stock is expected to maintain positive bias and head towards our target of | 632 levels as it is the 161.8% external retracement of the recent breather (| 607-552)
Buy Can Fin Home Ltd @ 565.00-580.00 TGT 632.00 SL 540.00
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