Shardul Kulkarni of Angel Broking told CNBC-TV18, "The action is extremely stock specific. We are seeing that Housing Development Finance Corporation (HDFC), after significant fall over the last five trading sessions, is now showing some signs of a pullback. If you see the chart pattern it is a very strong bullish engulfing pattern in a stock which is showing a good strong higher top higher bottom cycle."
He added, "The stock is trading at Rs 850 on Futures contract at this juncture. If it closes here, you will get a confirmation that this is the time to go long on HDFC. You can see the stock back at Rs 890-895. We are seeing similar patterns in case of the Nifty as well as individual stocks. Closing is very important. If HDFC closes at Rs 850 then I would be going long on the stock. Place a stop loss at Rs 835. I would expect target of Rs 885-890 for HDFC." Kulkarni further added, "Similar is the case with Axis Bank. We are seeing a reversal pattern taking place in Axis Bank from an important retracement level. So, probability is that closing here at around Rs 1,420-1,425 will lead Axis to an up move towards Rs 1,460. So, I would look at the closing in case of these two stocks.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
