Sell HDFC Future; target of Rs 650: IIFL

According to IIFL, traders can sell Housing Development Finance Corporation (HDFC) Future below Rs680 with stop loss of Rs695 for target of Rs 650, in its April 26, 2012 research report.

“HDFC Ltd on the daily chart has confirmed trend reversal after stock violated the support line of ascending triangle which was placed at Rs691. The level of Rs691 also coincides with neckline of inverted head and shoulder pattern and close below same has negated the bullish formation. The medium term trend in the counter so far remained sideways and move below Rs680 should confirm the downtrend which turns out to be the crossover point of 10 DMA and 20 DMA. We recommend going short on HDFC MAY futures below Rs680 with stop loss of Rs695 for Target of Rs650. (Duration 8 days),” says IIFL research report.  

Institutional holding more than 40% in Indian cos

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