Rishi Kohli of ProAlpha Systematic Capital told CNBC-TV18, "The weekly moving average convergence/divergence (MACD) in DLF interestingly had converged to almost turning negative from positive and the call was that if it starts diverging on positive side again there would be a very sharp bounce to Rs 175 odd levels which is exactly what has happened in the last week."
"Now with this move what have also happened is that it has broken out some trend line and some interesting patterns have got created which shows that it should ideally keep moving fast to around Rs 200-205 levels which is where the weekly 50 period moving averages is, so that is a pretty strong bet now and the stoploss can be pretty close by because its just gone above the 50 day moving average around Rs 159 or so."
At 14:09 hrs DLF was quoting at Rs 179.50, up Rs 1.10, or 0.62 percent. It has touched an intraday high of Rs 182.80 and an intraday low of Rs 176.60.
The share touched its 52-week high Rs 289.20 and 52-week low Rs 120.25 on 12 March, 2013 and 06 August, 2013, respectively. Currently, it is trading 37.93 percent below its 52-week high and 49.27 percent above its 52-week low. Market capitalisation stands at Rs 39,294.95 crore.
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!
