Sell LIC Housing Finance for Rs 1,165 target: Ashuu Kakkarr

In a chat with ET Now, Technical Analyst, Market Strategist, ashuukakkarr.com, shares his views on the outlook of LIC Housing Finance.

From current levels, do you see that LIC Housing Finance correcting further or can there be more downside to the kind of stock price movement that we have seen today?

On the daily and weekly charts, LIC Housing Finance was showing a bounce which has happened in the last 2-3 days. On the monthly charts, it is still over bought. At the current market price, one can look to go short. Above Rs 1,261 is the futures price, and Rs 1,258-1,259 is a cash price. In the futures, one could hold a position short, with a stop loss of about Rs 1,305 or so probably the support zone is Rs 1,178. The target could be about Rs 1,178 or 1,165. If the stock start sliding down and more bad news flows in, one could see the target of Rs 1,178 and further from there Rs 1,165 or so.