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HDFC Limited Technical Analysis #90: Buy | Target Rs 2100 | Arijit Banerjee

CMP#1969.3
IdeaBUY
Buy Range1962 – 1988
Target2100 – 2200
StopLoss*1905
Duration15 – 20 Trading Sessions
Potential Return^7 – 12%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
1969.3BUY1962 – 19882100 – 2200190515 – 20 Trading Sessions7 – 12%

# CMP on Oct 07, 2019
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 2035.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

HDFC offers loans for the construction or purchase of the house, home improvement, plot buys and top-up loans to retail and corporate clients, loans for agriculture and dairy farmers, loans for NRI and commercial plots, education loan etc. The company also provides cross-selling products, investment advisory services, life insurance products, general insurance including motor, travel, home, health, accidental, mutual fund, venture funds, portfolio management, project consultancy etc.

Stock Data
NSE CodeHDFC
Sectoral IndexFinancial Sevices
52W High2357.85
52W Low1644.5
Face Value2
Relative Performance_HDFC vs Nifty Financial Services

TECHNICAL OBSERVATIONS (WEEKLY)

  • The share price of HDFC witnessed a strong rally since 2016, rallying from ₹ 1010 to lifetime high of ₹ 2757.
  • As we see in the Weekly chart, there is a steady support baseline which is moving upwards along with price rise. Current price is just above the support line.
  • We expect the stock to remain in a rising trajectory and extend the up move towards 2100-2200in coming months.
HDFC Weekly Chart
HDFC Weekly Chart

TECHNICAL OBSERVATIONS (DAILY)

  • On a daily chart, the stock has given a breakout of it’s falling trendline in which it had been trading for last eight trading sessions, suggest robust upside movement.
  • The current closing is just above the long term support line. We may expect price to move up from here in the coming days.
HDFC Daily Chart
HDFC Daily Chart

CONCLUSION - HDFC SHARE PRICE FORECAST

Based on our short term trading share tips, HDFC share price target will be 2100 – 2200 in the next few days.

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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