Sell Near 567-570 Stoploss 591 Target 540-530 Reasons for Trade-1. Price has formed strong bearish candlstick pattern on daily chart. 2.Price has taken resistance at daily channel 4th time 3.Price has taken horizontal resistance 3rd time. 4Risk Reward is more than 1:1.5
Looking at daily chart, LIC housing is in uptrend since Oct 2018 and going up in cyclical very nicely. LICH has recently reversed from new high by resistance trend line showing target of 510 at its support trend line.
Go short for LIC housing Finance.
Using Elliott wave and Fibretracement.
Looking at weekly chart since oct 2018. It has completed 5th wave
and we will soon see correction waves ABC.
Wave A will complete around RS 480/- B wave will pull back to Rs 520/- and C wave will complete around Rs 430/-.
Analysis by Ankit Salgia
LIC housing finance has made rounding rounding top,it will go further down if it breaches its neckline.
Entry @ 532.65
1st trgt = 525
2nd trgt = 520
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