In the previous session, the Nifty index opened on a flat note but soon slipped into a negative zone. Market remained in a negative territory throughout the day. No major recovery was seen from lows throughout the session. Technically, the Nifty Index formed a Bearish Engulfing candle on the daily chart indicating further selling pressure on market .Hence a cautious approach is advisable for next trading session.

 Look at the below research report of ‘Stocks to Buy for Monday, August 22, 2022’ before the market opens.

GIC Housing Finance Ltd

Looking at the technical chart, GICHSGFIN has been moving precisely with the ‘Inverted Head and Shoulder’ pattern. Now prices closed above the neckline of the pattern which confirms the trend. As per Head and Shoulder pattern theory, 28 points rally is expected from the neckline support of the right shoulder. As seen on the ADX indicator, +DI is above –DI and ADX value is near 30 which indicates positive momentum in the trend. Along with this, the daily MACD is bullish and it is trading above the signal line.

In short, GICHSGFIN looks to be positive for the short-term view. One can initiate a buy near current price 144 for an upside target of 172. This outlook remains valid as long as 132 is protected on downside.

Check More Analysis on GICHSGFIN at: GIC Housing Finance Ltd