HDFC LIFE INS CO LTD
Open-625--High-630.35--Low-617.95—Close-627.50 on 13.11.2020
Support: 625.90/617.95/612.70/594.15/587.75/580.35/567---555.
Resistance:633.10/647.60/673/683/705/730/764/796/836/944.
(Bold and underlined figures are most important)
Technically it is nicely placed, furthermore it has an Inverse Head & Shoulder pattern formation on the daily chart and if it moves above its neckline which is placed at 647.60 and sustain on the closing basis then it will have a maximum possible upside target of 955 for the pattern but it can go beyond this also which may please be noted. Moving towards the targeted point it can face resistance at 673---683---705---730---764---796---836---944 levels.
It has bed of support in the range of 567---555, it looks good for long term
investment and can be accumulated on decline by the investors but not below 555 with a stop loss of 545. But it will pick up strong up
momentum only once it gives breakout from the neckline point of 647.60 and sustain on the closing
basis. Therefore for traders it is suggested that they should try long trade
only after the breakout with a stop loss of 637. It is important to mention here that one has to have long
position above 647.60 because of its
huge upside target. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. DO NOT TRADE OR
INVEST WITHOUT STOP LOSS.
NOTE: - It is the technical assessment of the stock as of now, the technical
interpretation changes with the price movement and time, therefore investors
are advised to look into fundamental, financial details of the company and last
but not the least management perception for the future of the company before
taking investment decision.
Disclaimer:-The view expressed here are solely of the author and
he is not at all responsible in any way for the outcome of the trade you enter
based on the above view.
Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
By-Narendra
Kumar Surana
