Sell HDFC Bank Sep Fut below Rs 603: IIFL

According to IIFL, traders can sell HDFC Bank September future below Rs 603 with a stoploss of 618 for a possible target of Rs 573, in its August 22, 2012 research report.

“HDFC Bank has violated the rising support line of the recent upmove, which was placed at Rs604 in past few trading session and same support line has been converted into major resistance band. With confirmation of negative divergence on daily RSI and appearance of bearish engulfing pattern on the weekly candlestick chart, the uptrend seems to be paused in the near term. The major support for the counter is placed at Rs550 which turns out to be 100 DMA and below which downtrend could accelerate further till Rs535. We recommend going short on HDFC Bank Sep Fut below Rs 603 with stop loss of Rs 618 for target of Rs 573.(Duration 10 Days)," says IIFL research report.

FIIs holding more than 30% in Indian cos

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