Dear Traders,
DLF is in overbought and we saw a long run since this November, also a long wick rejected 226 zone emerges as short term resistance zone, we will see the correction once the market also gets corrected. We initially sell DLF @ 220 levels for the tgt of 212. (8pts) also we buy puts 217 Nov expiry @ 2.8 with a stop of 1.5 tgt should be 4.5, 5,...
As per my wave analysis, there are two options from here..
Option 1 : It will fall from here.. as per blue arrow..
Option 2 : It can go for one more UP and then fall.
I prefer the first option, but then anything can happen in market conditions as you know.
happy trading.
At a strong resistance area. Wave a,b completed. wave c in progress. Harmonic pattern also developing. Short below 217. Target 210. After that look for a bullish candle and take long
The current chart position augers well for favourable formation of two Harmonic patterns, both coinciding at same points and attracts investment for short term of 1 year.
Though the chances of the stock moving higher are very bright, at present it is at a strong resistance area.
So buy only above 227.
One year Target 427. (Should go even higher to 448)
DLF Ltd. engages in the real estate business. The company focuses on the development and sale of residential real estate which includes plotted developments, houses, villas, and apartments of varying sizes and integrated townships including high end, luxury residential developments. It also involves in leasing of its developed commercial and retail properties. The company was founded by Chaudhury Raghvendra Singh on September 18, 1946, and is headquartered in New Delhi, India.
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DLF
