Stock of the week - Buy Home First Finance Company Ltd For Target Rs. 972 By GEPL Capital
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Observation
Inference & Expectations
* On the Daily chart of HOMEFIRST, we can spot that prices have shown a bounce from the level of 624. This level acted as a multiple touch point level while at the same zone, change in the polarity can also be seen by the prices. ? In the latest trading session we witnessed a breakout from Symmetrical Triangle pattern, which here marks as a start of new bullish trend
* The breakout was followed by high volumes, indicating strong participation of the bulls.
* Prices have closed above upper Bollinger band through which we can observe that the volatility in prices are increasing on the upside.
* The current prices are quoting below the prior swing high (837) but the RSI is above the prior swing high(63.2). This indicates that the stock has strong momentum in the prices.
Inference & Expectations
* Looking at the price action and the evidence supported by the prices we can observe that the breakout happened here is with strong bullish strength.
* Going ahead we expect the stock to move higher towards 1190 level.
* We recommend to place a stop loss at the level of 750, strictly on the closing basis.
Buy HOME FIRST FINANCE COMPANY INDIA LTD at CMP: Rs 817| Target: Rs 972 (19%)| SL: Rs 750
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