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The outlook for the stock of GIC Housing Finance is bullish. The stock recorded its all-time high of ₹288 on Wednesday before closing at ₹286.5. After consolidating below the previous high of ₹287.2 made in January this year, the stock witnessed a strong 4 per cent rise on Wednesday accompanied by impressive volumes. Immediate support is in the band between ₹282 and ₹280, while a strong short-term support is available in the ₹270-272 range.
Going forward, the stock is likely to move further higher to record fresh highs above these supports. A rise to ₹300 and ₹305 is possible in the coming days. Traders with a short-term perspective can go long. Stop-loss can be kept at ₹278 for the target of ₹302. Accumulate longs on dips to ₹282 and ₹280. Revise the stop-loss higher to ₹290 as soon as the stock moves up to ₹295. The bullish outlook will get negated only if the stock declines below ₹270 decisively. (Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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