Sell HDFC Aug Fut above Rs 718; target Rs 678: IIFL

IIFL has recommended to go short on HDFC Aug Fut above Rs 718 with stop loss of Rs 738 for target of Rs 678, in its August 7, 2012 research report.

"The recent rally in HDFC has retraced nearly 80% of the previous down with prices flirting with weekly resistance line placed at Rs 716. The daily RSI has entered into overbought position with RSI indicating negative divergence. The risk reward ratio is tilted with negative bias as potential upside seems to be capped at Rs 716 in the near term. We recommend going short on HDFC Aug Fut above Rs 718 with stop loss of Rs 738 for Target of Rs 678. (Duration 10 days)," says IIFL research report.

Non-Institutions holding more than 90% in Indian cos

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

To read the full report click on the attachment

Read More