Anu Jain, Senior Vice President of IIFL Private Wealth said she would be bullish on LIC Housing Finance. She advised holding the stock for a target of Rs 257.
Jain told CNBC-TV18, “The 50-day moving average of LIC Housing Finance was around Rs 235 level. This is the stock which was sometime back at Rs 290 and then went down and tested Rs 209. It had a massive fall after the last results (December quarter).”
She further added, “On a result day (Friday), it crossed the 50-day moving average where it was getting a lot of resistance in the last one and a half month at about Rs 235, held that and closed comfortably over that. So, next target would obviously be the 200-day moving average (DMA) which is around that Rs 257 level. That is going to get some crucial resistance out there but if it can manage to hold Rs 257 then it gets into that bullish territory where it can test the previous high.”
“I would be bullish at this level. Even if it drops a percentage or two, I would still buy this counter and would probably hold it for a target of Rs 257 as the first one. So buy on dips is the best policy for this stock,” Jain added.
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