June 17, 2016
HDFC Ltd (NSE Cash)
BUY
` 1170
` 1216 - 1210
` 1298
14 - 21 sessions
Daily Chart
Source: Falcon (Chart Time: 09:20 IST)
Justification:
The stock is moving in an uptrend by maintaining ‘Higher Highs Higher Lows’ on daily chart. The best part of
this up move is that it is not a strident rally and had given a dip before next impulsive move. From last few
trading sessions, the stock has seen decent correction; but, the correction seems over as the stock has taken
support around ‘Super Trend’ indicator and formed a ‘Hammer’ candle on daily chart. Formation of
mentioned pattern around support zone can be a reversal trigger. Today, the stock has opened with upside
gap and if it managed to hold the gap, then it’s very positive sign for the counter. The ‘RSI’ oscillator is also
showing ‘Positive Reversal’ on daily chart, indicating resumption in up move. Considering above technical
evidences, we are expecting healthy up move in the stock. Hence, traders are advised to buy the stock at
current levels and on declines to `1210 for a target of `1298. The stop loss for the trade set-up can be kept at
`1170.
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June 17, 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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