BUY HDFC AMC | TARGET: Rs 3,150 | STOP LOSS: Rs 2,850
The stock was in a strong uptrend and witnessed some profit booking from the higher levels. If we take the retracement of the entire rally, then the stock has found support at 38.2 per cent retracement levels which is placed at 2,850 levels. The momentum indicator RSI and MACD are very well in the buy mode on the weekly time frame and hints of a trend reversal on the higher side.
BUY ICICIGI | TARGET: Rs 1,425 | STOP LOSS: Rs 1,340
The stock formed an inside bar pattern on the daily chart which is considered as a bullish reversal pattern. On the daily time frame, the stock has found support at the placement of 200 DEMA and 200 DSMA, and this support are intact since April 2020. The momentum indicator RSI is showing signs of reversal from the oversold territory and MACD has provided a fresh buy crossover on the hourly chart which hints of a further momentum on the higher side.
BUY HCL TECH | TARGET: Rs 980 | STOP LOSS: Rs 899
The stock has formed a hammer candle on the daily chart which is considered as a bullish reversal pattern. Due to the recent corrections, the momentum indicators and oscillators have reached the oversold territory on the daily chart. It has also reached the lower band of the Bollinger band which is likely to act as immediate support. Based on the above rationale, we can expect a strong pullback in the counter.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU