According to IIFL, traders can sell LIC Housing Finance September future below Rs 249 with a stoploss of Rs 255 for a possible target of Rs 237, in its August 28, 2012 research report.
“LIC Housing Finance has signaled trend reversal from a medium term uptrend after prices closed below its 200-DMA in yesterday’s trading session. Moreover, the daily chart is forming lower tops and lower bottom and short term support for the stock placed at Rs250 which was broken convincingly and below same the downward momentum is expected to continue. This was also followed with breakdown from Symmetrical Triangle pattern. The amplitude of breakdown of triangle projects downside potential in the counter to Rs237."
"We recommend going short on LIC Housing Finance September Futures below Rs249 with stop loss of Rs255 for Target of Rs237. (Duration 6 days),” says IIFL research report.
FIIs holding more than 30% in Indian cos
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To read the full report click on the attachment
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