February 24, 2016
HDFC Ltd (NSE Cash)
BUY
`988
` 1033 - 1027
` 1115
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 13:17 IST)
Justification:
The stock has seen a decent correction in last four months and has reached around its ‘Falling Trend line’
support in the weekly chart. If we meticulously analyze the daily chart of the stock, we are witnessing a
formation of a Bullish Harmonic Pattern called ‘Bullish Butterfly’. The Potential Reversal Zone of the mentioned
pattern is placed at `1023 - `1025 levels. The ‘RSI’ oscillator is also moving around its support zone in both
daily and weekly chart, indicating possibility of a bounce back in the near term. Considering overall chart
structure, we are anticipating a short term reversal in the counter. Thus, we advise traders to buy this stock
from current level to a decline to ` 1027 for a target of ` 1115 in coming 14 to 21 trading sessions. The stop
loss for this trade set up can be kept at ` 988.
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February 24, 2016
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Source: Angel research
Research Team Tel: 022 - 4000 3600 (Extn. 6552) Website: www.angelbroking.com Email: [email protected]
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