“BUY HDFCBANK
ABOVE 1240 TGT 1260/1270”
“SELL HDFCBANK BELOW 1230 TGT 1210/1200”
DAILY CHART FOR HDFCBANK:
Primary
trend of the stock is bullish and is consolidating at the higher level after
showing correction. It is expected to continue the bull run with the crossing
of the resistance level of 1240, as the stock is sustaining above its 200 and
50 days moving averages. One may initiate the long position above the mentioned
level for the targets of 1270 and with the strict stop loss of 1230. It is also
forming a reversal pattern in short term charts, it is likely to show
correction with the breach of the support level of 1230, where one may initiate
the short position in it for the targets of 1200, while stop loss can be placed
at 1260.
The Indian stock market rallied
for the second consecutive session on Wednesday.
The Sensex opened at
27,776 touched an intra-day high of 27,935 and low of 27,760.The Nifty
closed with a gain of 37 points at 8,566. The Nifty opened at 8,515 hitting a
high of 8,570 and low of 8,512.55.’ Market is gaining momentum
supported by continued FII inflow and expectation that GST will see the light
of day in the current session. FIIs till 19th July have pumped in Rs55bn to the
market as compared to Rs52bn in June.
TOP
GAINERS: GAIL, PowerGrid, Coal India, HeroMotoCorp, Bajaj-Auto,HDFC Bank
TOP LOSERS: Wipro, ICICI Bank, Infosys, HDFC,
Axis Bank and Tata Steel
Acs
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