LIC Housing Finance Ltd

NSE :LICHSGFIN   BSE :500253  Sector : Finance

Post results LIC Housing Finance Ltd share prices dropped more then 5% on Wednesday’s trading session, Stock closed at 495.05 on NSE. LICHSGFIN reported a 5 per cent year-on-year (y-o-y) decline in fourth quarter standalone net profit at ₹399 crore against ₹421 crore in the year ago quarter as provision towards impairment on financial instruments jumped. Post results announcement profit booking was seen in the counter.

What’s Ahead? Technical outlook of LICHSGFIN:

Technically chart structure of LIC Housing Finance Limited looks attractive on Daily and weekly time frame chart. Post results stock corrected sharply and trading near support zone which is at 485- 470. Comparative Relative Strength Indicator shows out performance in the stock. Stock is trading above 10,20,50 exponential moving averages which shows stock short term trend is bullish. We recommend swing traders to accumulate stock around 485 and 470 for the targets of 550-570 in the next few trading sessions. As market (Specially Nifty) is looking over stretched and a healthy correction seen to be on the cards, we recommend to trade in low quantity with stop loss placed below 450 on closing basis.