Sell Repco Home Finance, target Rs 330: Ashish Chaturmohta

Repco Home Finance saw a sharp decline from Rs 650 to Rs 292 last year and then bounced back to Rs 449 in January. The stock has again seen a reversal from Rs 449 and resumed its decline.

The price was consolidating in a range of Rs 370 and Rs 415 in the last couple of weeks. The price has given a breakout on the downside from the Bollinger Band with the expansion of bands indicating a continuation of the trend in the direction of breakout on the daily chart.

The RSI on the weekly chart has given a negative crossover with its average last week. Thus, the stock can be sold at current levels and on a rise towards Rs 368 with a stop loss above Rs 378 for the target of Rs 330.

The author is Head of Technical and Derivatives at Sanctum Wealth Management. 

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