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Can Fin Homes Technical Analysis #49: Buy | Target Rs 350 | Arijit Banerjee

OUR RECOMMENDATION

CMP#315.9
IdeaBUY
Buy Range314 – 320
Target350 – 365
StopLoss*306
Duration15 – 20 Trading Sessions
Potential Return^11 – 16%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
315.9BUY314 – 320350 – 36530615 – 20 Trading Sessions11 – 16%

# CMP on May 07, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 333.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

This Indian housing finance institution offers loan products to individuals and builders/developers. The company offers housing loans, mortgage loans, site loans, loans for commercial properties, personal and educational loans. Besides, it accepts deposits from the public such as Fixed Deposit and Cumulative deposit. In the year ended March 2019, Can Fin Homes has 154 branches, 21 affordable housing loan centres and 14 satellite offices and has reported 13.78% jump in net sales vs 12.18% in March 2018.

Stock Data
NSE CodeCANFINHOME
Sectoral IndexNIFTY Financial
52W High406.85
52W Low226.7
Face Value2
Relative Performance_Can Fin Homes vs Nifty Financial Services

TECHNICAL OBSERVATIONS (DAILY)

  • The stock had remained in the corrective phase over the last seven months, from October 2018 to March 2019.
  • After the strong breakout rally in middle of the March, the stock is seen above the resistance line of the earlier consolidation pattern over the last four weeks.
  • It highlights the change of polarity principle and signals a higher base building process that will act as a launchpad for the next up move.
Can Fin Homes Daily Chart
Can Fin Homes Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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