Risky to buy LIC Housing Finance at this time. Fibonacci clusters of resistance are appearing at the tip of the price travel. We need to watch the levels of 506/508 carefully before buying this stock. If it fails at any of these levels, we can expect a C wave to 380 levels.
LT has be going trough the correction after making a top around 1890. The ABC correction has been completed and I would expect the stock to move higher and make new highs now. However, as a conservative target of 1750 and stop loss just below the last low would give a risk reward ratio for 1:2.5. Happy Trading!!
The price is in Weekly/Daily ascending channel (green). Now, forming a falling wedge (bullish signal). The Fib C is at 61.8%, where price made bearish engulfing pattern to head south. D1 target is in line with 0% of AB swing and ascending price channel (8271), on break of this next target is D2 at 8040. However, I am expecting price to come at 8271 and then go...
Watchout USDINR in coming weeks, it is looking to go higher and a breakout will cause INR to move very swiftly !! And the effect of breakout will be on Nifty as FII would start to pull out from India !! Better strategy would be Long USDINR and Short Nifty
Nifty is trading in wave 5 of wave 5 - With Union Budget ahead and RBI rate cut expected soon, Nifty may rally till its upper trendline resistance !! Long Nifty for Targets of 9249 & 9403 -- Stop Loss of 8555