September 02, 2014
HDFC Bank (NSE Cash)
BUY
`835
`856 - 848
`895
Daily Chart
Source: Falcon (Chart time - IST 10.50)
Justification:
After posting a new life time high of `860.70 (high on July 07, 2014), the stock prices witnessed a gradual correction
towards the important support level of daily ‘89-EMA’ placed at `791. This technical tool provided a strong support for the
stock and hence, prices once again resumed its uptrend. Looking at past few trading session’s movement, it can be seen that
the stock consolidated within a narrow range and continuously faced a resistance around `849 - `854. During the session,
we are witnessing a ‘Horizontal Line’ breakout from this resistance zone with substantial rise in intraday volumes.
Considering the higher degree chart structure, we advise traders to buy this stock from a current level to a decline up to `848
for a target of `895 in coming 2 - 3 weeks. The stop loss for this trade set up can be kept at `835.
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September 02, 2014
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Source: Angel Research
Research Team Tel: 022 - 30940000 (Extn: 6552) Website: www.angelbroking.com Email: [email protected]
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