The stock can be sold at current levels and on a rise towards Rs 368 with a stop loss above Rs 378 for the target of Rs 330.
Repco Home Finance saw a sharp decline from Rs 650 to Rs 292 last year and then bounced back to Rs 449 in January. The stock has again seen a reversal from Rs 449 and resumed its decline.
The price was consolidating in a range of Rs 370 and Rs 415 in the last couple of weeks. The price has given a breakout on the downside from the Bollinger Band with the expansion of bands indicating a continuation of the trend in the direction of breakout on the daily chart.
The RSI on the weekly chart has given a negative crossover with its average last week. Thus, the stock can be sold at current levels and on a rise towards Rs 368 with a stop loss above Rs 378 for the target of Rs 330.
The author is Head of Technical and Derivatives at Sanctum Wealth Management.Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.