Buy LIC Housing Finance, advises Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "LIC Housing Finance has a history of moving along nicely, moving ahead with a support of 50-day moving average. It has done so since the month of September and following a sharp correction in the month of January. It has also negated engulfing bearish pattern which tells us that whenever such kind of bearish patterns are negated the implications on the upside could be tremendous. So buy LIC Housing Finance for a target of Rs 500."

At 14:28 hrs LIC Housing Finance was quoting at Rs 467.60, up Rs 2.40, or 0.52 percent. It has touched an intraday high of Rs 475.45 and an intraday low of Rs 463.65.

Disclosure: Analyst has recommended the ideas to his clients but has no personal holdings.