HDFC Life broke out of a 6 month old downtrend (red coloured resistance trendline on chart) with decent volumes. It has also closed at a 3 month weekly closing high. The stock will move higher eventually even if the move is slightly volatile.
Resistance/Target : 720-725 is a recent top and our primary resistance. Once it is taken out, the stock will target the 3 year old resistance TL (blue coloured "Long Term Resistance" trendline shown on the chart). The current level of this trendline is at 780 odd and this is our primary target.
Stop Loss: Longs can be held with a WCB stop loss of 685 to 675 depending on risk appetite
Good short to medium term buy with decent risk/reward.
Resistance/Target : 720-725 is a recent top and our primary resistance. Once it is taken out, the stock will target the 3 year old resistance TL (blue coloured "Long Term Resistance" trendline shown on the chart). The current level of this trendline is at 780 odd and this is our primary target.
Stop Loss: Longs can be held with a WCB stop loss of 685 to 675 depending on risk appetite
Good short to medium term buy with decent risk/reward.