The stock has broken a key long-term resistance at 149 levels supported by good volumes and has pulled back to retest the previous resistance which now acts of price support. The stock is now poised for an up move to 175 levels.
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The stock was consolidating in a flag pattern after a good rally and broke out of its resistance trendline. However, due to broader market sell-off, the stock declined to lower levels and seems to have found support at the 50 DMA levels. The stock can be bought at current levels with an SL below 168.
Always keep a tab on broader market conditions while trading....
The stock seems to be on the verge of breaking out of a long-term trendline resistance. More upside expected in the coming days.
Also, the housing market could be poised for a recovery. As a result, housing finance as a sector can outperform going forward. HDFC being a market leader is sure to drive this rally higher.
The IT sectoral index (NIFTYIT) has been consolidating for almost a month and now seems to be on the verge of a breakout. Keep watch on this sector for the coming week. Expecting the index to go up to 28500 soon.
My personal picks are
The stock has been consolidating for the past few sessions after making a lifetime high in a triangle pattern. Breakout from the pattern could push the stock to much higher levels.
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The stock broke out of its trendline resistance and also completed a pullback to retest the trendline which now acts as price support. The stock is now poised for an up move to levels mentioned in the chart.