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LIC Housing LIC Housing Finance is a housing finance company promoted by LIC of India is engaged in...
LIC Housing LIC Housing Finance is a housing finance company promoted by LIC of India is engaged in providing housing loans. The company is doing well in the past and has rewarded its shareholders reasonably well offering good dividends. The Rs 10 paid up share of LIC Housing Finance bottomed out at Rs 238.60 in October, 2012, before staging a rally that took it up to a high of Rs 300 in January, 2013. Then onwards, the market trend turned bearish and the scrip too was affected by the same. The shares gradually slid to a low of Rs 209.10 in March this year. A technical rally lifted it up to a high of Rs 236.00 but the general trend maintains bearish note, thus bring down the share price to a low of Rs 214.40 and thus a higher bottom against Rs 209.10 was established. Such a pattern generally attracts buying and it happened in this scrip too. The share therefore turned bullish from Rs 214.40 and gained almost each trading day thereafter until Friday last week, when it soared to a high of Rs 249.40 before closing at Rs 247 with a significant gain over its previous day's closing. Since the share has closed above all the three moving averages, promises to go further up provided the markets does not receive a jolt of any nature. The share is thus a good buy for medium to long term. Idea Cellular Idea Cellular is in the business of providing cellular phone services. Its share reached low of Rs 72.65 in August, 2012 and after bottoming out at that level, resorted to a high of Rs 124.00 in January, 2013. Having gained so significantly in such a short period, the share of Idea Cellular was obviously attracted selling in the nature of profit-taking. Increased selling coupled with increasing weakness compelled this scrip to fall for a technical correction. The share first fell to a low of Rs 104.80 and rallied upto a high of Rs 119.85, thus forming a lower peak against the previous one at Rs 124.00. The lower peak being a bearish for stock compelled it to fall for a return journey that brought the scrip as low as Rs 101.10 in early April of 2013. But, after falling to this low, the share came under the impact of technical correction but also staged a fast run up that took its price as high as Rs 128.70 before closing at Rs 122.30. The share, on Friday, opened with a bullish gap and ran up significantly without filling on Friday. This coupled with bullish technical parameters are expected to take the price much higher. The recently declared results were also better than expected. The share is hence recommended for buying for medium term.
22 July 2019 2:01 PM GMT