|Sell Range||121 – 115|
|Target||107 – 104.5|
|Duration||15 – 20 Trading Days|
|Potential Return^||7 – 10%|
|CP#||Idea||Sell Range||Target||StopLoss*||Duration||Potential Return^|
|115.55||SELL||121 – 115||107 – 104.5||125||15 – 20 Trading Days||7 – 10%|
# CP – closing price on Dec 05, 2019
* Maintain recommended StopLoss by daily closing basis.
Once 1st target hit, reset StopLoss at 111.
^ The returns are calculated based on CP#
L&T Finance Holdings Ltd is a nonbanking financial institution offering a diverse range of financial products and services across corporate, retail, wholesale finance sectors, infrastructure finance sectors, investment management services etc. through its wholly-owned subsidiaries, viz., L&T Finance, L&T Housing Finance, L&T Infrastructure Finance, L&T Investment Management and L&T Capital Markets Ltd. Headquartered in Mumbai, the company has diverse clients which include individual retails, large companies, banks, SME etc. In Q2FY20 the company’s net income was improved by 12% to Rs. 3,611.31 crore and Net Profit dropped by 68.79% YOY to Rs.174.51 crore.
|Sectoral Index||Financial Services|
TECHNICAL OBSERVATIONS (WEEKLY)
- On a weekly chart, the stock has been trading in a downward sloping channel over the last two years and it seems that it could continue with its ongoing move.
- The long term trend and the broader pattern are bearish and any reactive pullback might be temporary in nature.
- Current price is near the resistance and the past evidence indicating an opportunity for a SELL trade.
TECHNICAL OBSERVATIONS (DAILY)
- The stock has formed Bearish Engulfing candlestick near the top, which is a bearish reversal formation. Usually, this type of candlestick suggests the bear has taken control of a security’s price movement from a bull.
- RSI (14) moves below the horizontal 70 reference line, which is seen to be a potentially bearish setup.
CONCLUSION - L&T Finance SHARE PRICE FORECAST
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A classic Descending Channel formation on L&T Finance Holdings Limited. On top of that, price is just near the Resistance. A perfect selling point with a minimum expected profit of 7-10%.#l&tfh #technicalanalysis #trading #tradingtips #investments https://t.co/3GAtQrFoae— Goodluck Capital (@CapitalGoodluck) December 6, 2019