iCharts Discussions

[ipakrashi]

Hi Guys
As per the recent chart patterns one can buy HDIL @CMP of 335 for a tgt of Rs 380 for a short/medium term view for :

1. The stock has just broken out the 335-340 barrier and if it stays above it for 3 sessions on a closing basis then it can reach a target of 380-400.

2. The stock has been going up and hitting the resistance level of 335-340 with avg volumes greater than its 10 day avg volume.

3. The stock has an ascending triangle formation since aug09 Or It can also be viewed as a "Upward Price Channel" pattern, both being bullish in nature

4. The RSI has just rebounded from the centerline level.
On the whole the signs are bullish , tough the market on 05-10-2009 may open a bit Gap Down, but surely the market will rebound in the near term and the stock will do well as suggested technically despite of all the reports of IT raids at their directors' premises.
One can buy the stock for a short/medium term term target of 380-400
Regards
Indranil