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Technical Observations

* The stock has undergone healthy consolidation over past seven weeks (131-113) above its 200 day EMA. The stock has logged a resolute breakout from this higher base formation on the back of rising volumes, indicating resumption of primary up trend. Thereby offering fresh entry opportunity with favourable risk reward

* The stock has remained laggard in recent times within financial space. We expect the stock to witness catch up activity in coming weeks

* The stock has immediate support at | 124 levels as it is 61.8% retracement of the current up move (| 118 to 135)

* The daily RSI has generated bullish crossover recently thus validates positive bias

* We expect stock to accelerate upward momentum and head towards |145 levels as it the measuring implication of consolidation breakout (131- 113=18 points) projected from the breakout area of 131

Buy GIC Housing Finance @ f 128.00-133.00 TGT 145.00 SL 124.00

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