According to IIFL, traders can sell HDFC September future above Rs 743 with a stoploss of Rs 764.5 for a possible target of Rs 700, in its September 3, 2012 research report.
HDFC (SELL, above Rs743, Target Rs700): The recent up move in HDFC has landed stock into the resistance of rising channel and upside potential beyond Rs745 remains very low. The daily RSI has been trading into extremely overbought position and complementing with negative divergence with price rise. The higher than average volumes after sharp up move indicating delivery based transaction taking place and could be indication of smart money taking profits at higher levels. The rising support line of channel is placed at Rs700.
We recommend going short on HDFC Sep Fut above Rs743 with stop loss of Rs764.5 for Target of Rs700. (Duration 10 days),” says IIFL research report.
FIIs holding more than 30% 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
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
Read More
