Trading Guide: HDFC Life among 6 stock recommendations for Thursday
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almost 2 years ago
The stock is seen to be breaking out of a downwards sloping trendline after making a Double Bottom pattern at an important support zone on the daily timeframe after 12 months. The RSI indicator is also seen to be making a double bottom formation near its support zone, which can be used to boost the bullish view. The 200 EMA is at Rs 692 and the stock is comfortably trading above it whereas momentum oscillator RSI (14) is around 56 on the daily time frame, indicating strength by sustaining higher levels. Observation of the above factors indicates that a bullish move in the stock is possible for targets up to Rs 880. One can initiate a ‘buy trade’ in the range of Rs 815-817 with stop loss below Rs 775 on daily closing basis.(Mitesh Karwa, Research Analyst, Bonanza Portfolio)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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