March 14, 2016
HDFC Ltd. (NSE Cash)
SELL
` 1197
` 1154 - 1164
` 1076
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 14:45 IST)
Justification:
In last few trading sessions, the prices have bounced back higher from its support level around `1020.
However, post the recent upmove prices are currently trading near the 61.8% retracement level of the
previous corrective move from `1275 to 1011. The resistance level also coincides with 89EMA on daily chart
and 20 EMA on weekly chart. Post forming a ‘Doji’ candle on daily charts on Friday, today’s move is indicating
formation of a ‘Bearish Engulfing’ pattern (it will be confirmed only on closing). The ‘RSI’ indicator is trading
near its resistance zone and thus we are anticipating a corrective move in the stock in near term. Thus,
traders are advised to sell the stock at current levels and on rise to `1164 for a target of `1076. The
stop loss for the trade set-up can be kept at `1197.
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March 14, 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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