HDFC is one of the largest home finance lenders in India, the company was listed on 23 October 1996 on NSE. HDFC is also one of the major lender for housing finance, looking at the daily chart we find that HDFC has always found the support at 100EMA on weekly chart, same situation is currently present on the weekly chart as the price action is near the 100 EMA and we are waiting for the prices to bounce for the confirmation. So our advice will be to buy HDFC stock above 670 level for target of 735 and then 800 in the short term (3 to 6 months). Also placing the protective stop loss orders below 620 level. Traders must be cautious as all the major technical indicators are suggesting bearish to mixed outlook. Fundamentally there is no reason for the stock to correct from the current level of 630. Investors can accumulate this stock for longer term and the target price comes at 855 and 966 level in next 1 to 2 years. also placing the stops below 580 zone.
About Bhaveek PatelBhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.
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