Market remained range bound throughout the day on Wednesday, July 17 with broader Nifty50 managing to trade in tight 50 points range. The index closed at 11,687.50 mark, up 24.90 points, respecting 11,600. Market has been closing higher for the last seven days, making higher highs and higher lows.
In the coming week we can see a big movement in housing finance stocks.
Target: Rs 2,350
Stop loss: Rs 2,256
The stock is in a continuous bullish trend. The level above 2,290 would also result into a multiple breakout on the charts as there is no real resistance above 2,300.70. Moving average and Oscillator setup is bullish on the short-term and medium-term charts.
Considering the technical evidence discussed above, we recommend buying the stock at Rs 2,290 for the target of Rs 2,350, keeping a stop loss at Rs 2,256 on closing basis.
Target: Rs 4,700
Stop loss: Rs 4,580
It has remained resilient in the recent past. The scrip is trading above all important moving averages. Considering the technical evidence discussed above, we recommend buying the stock at Rs 4,623 for the target of Rs 4,700, keeping a stop loss at Rs 4,580 on closing basis.
Disclaimer: The analyst may have positions any any or all of the above mentioned stocks.