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The upmove in the stock of Can Fin Homes is gaining momentum. The stock had surged 4.8 per cent on Thursday breaking above an intermediate resistance level of ₹898. That indicates that the broader uptrend has resumed after a short-lived correction. The region between ₹900 and ₹898 will now be a very good support zone which can limit the downside. Intermediate dips are likely to get fresh buyers around the psychological ₹900 mark. Can Fin Homes share price can rise to ₹975 in the coming weeks.
Traders can go long now at ₹909. Accumulate on dips at ₹904. Keep the stop-loss at ₹874 initially. Trail the stop-loss up to ₹920 as soon as the stock moves up to ₹935. Move the stop-loss further up to ₹945 when the price touches ₹960. Exit the long positions at ₹970
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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