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HDFC Life Insurance Technical Analysis #53: Buy | Target Rs 450 | Arijit Banerjee

OUR RECOMMENDATION

CMP#422.6
IdeaBUY
Buy Range410 – 420
Target450 – 460
StopLoss*405
Duration15 – 20 Trading Sessions
Potential Return^6 – 9%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
422.6BUY410 – 420450 – 46040515 – 20 Trading Sessions6 – 9%

# CMP on May 27, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 436.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

This life insurance company provides individual and group insurance plans and policies such as Protection, Pension, Savings and Investment, Health, Retirement, unit linked insurance, NRI plans along with Children’s and Women’s Plans. Founded in 2000 with a strong network presence over 900 cities in India, HDFC Life Insurance is a subsidiary of HDFC Limited. The Insurance company posted 15.42% jump in net profit at Rs 1277.93 crore in FY19; revenue up 23.79%.

Stock Data
NSE CodeHDFCLIFE
Sectoral IndexNifty Financial
52W High510.8
52W Low344.4
Face Value10
Relative Performance_HDFC Life Insurance vs Nifty Financial Services

TECHNICAL OBSERVATIONS (WEEKLY)

  • Stock Price recently make Breakout above the true crucial Weekly Resistance, around 420.
  • The stock formed well defined Ascending Triangle Pattern over the last 7 months and a breakout above the upper side shows further bullishness.
HDFC Life Insurance Weekly Chart
HDFC Life Insurance Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • The stock price had shown a gap up opening on last six days ago which shows bullishness.
  • Last few days price has been holding above all important Moving Average parameters.
HDFC Life Insurance Daily Chart
HDFC Life Insurance Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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