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LIC Housing Finance has been in a strong uptrend. There was a short-lived correction earlier this month. The 2.7 per cent rise on Monday indicates that the correction is over and a new leg of upmove has begun. Supports are at ₹646 and ₹636 – the 21-Day Moving Average. Intermediate dips are likely to be limited to these supports. The 21-Day Moving Average has been giving good support since December last year.
LIC Housing Finance share price can rise to ₹710-715 over the next two-three weeks. Traders can go long now at ₹659. Accumulate on dips at ₹648. Keep a stop-loss at ₹632 initially. Trail the stop-loss up to ₹665 as soon as the price goes up to ₹671. Move the stop-loss further up to ₹685 when the price touches ₹695. Exit the long positions at ₹710.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
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