HDIL has formed a H&S Pattern on weekly charts, but its near very critical support.
Hence I expect a bounce from these levels instead of breakdown.
Target 74/80 in couple of weeks, may be before budget.
It is been observed on daily chart that the price action forms a Hammer candlestick at the support levels where price action was picked up from the day's low to end near the high or open of the day, indicating a bullish come back at crucial support levels. Now, it shall turn up to around 61 levels which is 23.6% Fibs retracement levels.
HDIL trading in bearish channel and it suddenly open gap down on 9th Nov due to bank note ban and touched its long term support and retested again the level 56.00 but has been unable to break which seems it is not willing to break support. we may see upside movement in the stock till bearish channel resistance 61.00.Traders may go long on HDIL with a target of...