November 23, 2015
HDFC Ltd (NSE Cash)
` 1236
` 1192 - 1198
` 1115
14 - 21 sessions
75 Minutes Chart
Source: Falcon (Chart Time:
12:40 IST)
The stock has been a major index dragger in the recent past. The fall from ` 1350 to ` 1157.55 was also
supported by noticeable volumes. Post the sharp correction, the stock has started moving higher in last week.
But, the up move was short livened as we are witnessing a selling pressure from last two trading sessions. The
ongoing movement of last few trading session has resulted into formation of a ‘Bearish Flag’ pattern in the
intraday chart (see exhibit). Today, we are witnessing a breakdown from the mentioned pattern, which
indicates continuation of the prior trend (down move) should be there. Since the momentum oscillator is placed
negatively, we are expecting the resumption of the down move in the counter. Thus, we advise traders to sell
this stock at current levels and on rise to ` 1198 for a target of ` 1115 in coming 14 to 21 trading sessions.
The stop loss for this trade set up can be kept at ` 1236.
November 23, 2015
Last 5 recommendations
Recom. Buying/Selling Range
Target 1
Target 2
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Source: Angel Research
Research Team Tel: 022 - 30940000(Extn: 6552) Website: Email: [email protected]
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