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    HomeBusinessTechnical Call: Shriram City Union Finance - BUY

    Technical Call: Shriram City Union Finance – BUY

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    Technical Analysis

    Immediate resistance is at ₹1,860

    Shriram City Union Finance (₹1,752.25) stock signals a trend reversal. The downtrend that began last September seems to have ended. The bounce from the low ₹1,402 in March has happened from the 100-Week Moving Average (WMA). The price action since the last week of December indicates the formation of an inverted head and shoulder reversal pattern. Both these factors strengthen the bullish case of seeing a fresh rally. The neckline support of the pattern is at ₹1,725 and below that at ₹1,520.

    Immediate resistance is at ₹1,860. A strong break above this will open doors for a sharp rise to ₹2,500-₹2,600 over the next one year. Investors with a long-term perspective can buy this stock now. Accumulate the stock at ₹1,620 in case if the price falls below ₹1,725. Keep the stop-loss at ₹1,380. Trail the stop-loss up to ₹1,920 as soon as the stock moves up to ₹2,100. Move the stop-loss further up to ₹2150 as soon as the price touches ₹2,300. Book profits at ₹2,400.

    Published on June 04, 2022

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