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Investors with a short-term perspective can buy the stock of L&T Finance Holdings at current levels. Two months of sideways consolidation between ₹151 and ₹168 came to an end as the stock surged 6.3 per cent with an above average volume on Thursday thereby breaking the range above ₹168. Moreover, the stock has breached its 50-day moving average and trades well above the 21- as well as 50-DMAs.
The stock has been in a nascent short-term uptrend since taking support at ₹151 in late March. The daily relative strength index has entered the bullish zone from the neutral region and the weekly RSI is charting upwards in the neutral region. Further, the daily price rate of change indicator has entered the positive territory implying buying interest. The stock’s intermediate-term downtrend that had started from the October 2017 high of ₹213 appears to have come to an end at the significant support level of ₹151.
The short-term outlook for L&T Finance Holdings is positive. The stock can extend its uptrend and knock the price targets of ₹178.5 and ₹182 in the ensuing trading session. Traders with a short-term perspective can buy the stock with a stop-loss at ₹168.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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