Price action suggests that the long correction in HDFC AMC might be getting over. It can be bought around 2450 for a long setup. SL: 2350 closing basis.
Thanks for your observation. I have been interpreting this price movement as descending triangle pattern. Symptoms are : Price has been posting lower highs and downside is capped along the line painted by you. However, you have inferred recent price movement as the possibility of a breakout. Fundamentally, one would also need to examine AMFI data on mutual fund subscription in August. We have witnessed lackluster months of May through July. If August does not show up an improvement then upside could be limited in September. Most of the mutual fund investors have withdrawn money. There is a growing fear that money would possibly be utilized to pay installments after the end of moratorium. Thus, fresh subscription or repurchase is doubtful. In my mind, price may fall little further from here.