Buy LIC Housing Fin; target of Rs 250: IIFL

IIFL is bullish on LIC Housing Finance and has recommended buy rating on the stock with a target of Rs 250 in its May 25, 2012 research report.

“LIC Housing Finance has created a strong base around Rs234 levels in last few trading sessions. The above level coincides with 200-DMA, suggesting strength in the counter. Formation of Bullish Harami Cross on Wednesday was preceded by a long black real body, indicating that the stock is starting to counter the prior downtrend. Moreover, a rally of 2% in yesterday’s trade has confirmed the reversal from 200-DMA. It could bounce till somewhere between Rs250-255 levels in the near term. Based on observation of positive crossover in RSI in yesterdays trading session, it is likely that stock will continue its uptrend in the short term. Traders are advised to buy the stock above Rs240 with stop loss of Rs235 for target of Rs250. (Duration 4 days),” says IIFL research report.   

Public holding more than 90% in Indian cos

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