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HDFC AMC Technical Analysis: Buy | Target Rs 3380 | Arijit Banerjee

OUR RECOMMENDATION

CP#3185.9
IdeaBUY
Buy Range3088 – 3188
Target3380 – 3450
StopLoss*2970
Duration12 – 15 Trading Days
Potential Returns^8 – 10%
CP#IdeaBuy RangeTargetStopLoss*DurationPotential Returns^
3185.9BUY3088 – 31883380 – 3450297012 – 15 Trading Days8 – 10%

# CP – closing price on Feb 04, 2020
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 3283.
^ Potential returns are calculated based on the median of buy range.

COMPANY OVERVIEW

HDFC Asset Management Company manages equity, fixed income and balanced mutual fund for all its clients and invests public equity and fixed income markets. The products of the company include equity growth fund, liquid funds, fixed maturity plan, exchange-traded funds, dual advantage fund, and cancer cure fund. It also manages hedge funds for its clients. HDFC AMC posts 44.93% rise in net profit at Rs 352.55 crore in Q3FY20; revenue up by 10%.

Stock Data
NSE CodeHDFCAMC
Sectoral IndexFinancial Services
52W High3,844.00
52W Low1,305.10
Face Value5
Relative Performance_HDFC AMC vs Nifty Financial Services

TECHNICAL OBSERVATIONS (Daily)

  • The multi-timeframe analysis found that the stock has been trading with it’s upward rising trend line since last many months, and it seems that it could continue with its ongoing move.
  • The recent bounce from lows of 2992.5 also corresponds to previous intermediate lows which were tested during May 2019, thereby making it a strong support.
  • Recent close is above the 10 and 20 days MA indicating a positive trend for the stock.
  • As the price is near the extreme support and the trendline a great Risk : Reward trade can be set up from here.
HDFC AMC Technical Analysis - Daily Chart
HDFC AMC Technical Analysis - Daily Chart

LIVE UPDATE - POSITION & ACTIVITIES

Buy HDFC AMC | Expected Profit 8-10% | Arijit Banerjee by GoodluckCapital on TradingView

Buy HDFC AMC | Expected Profit 8-10% | Arijit Banerjee by GoodluckCapital on TradingView

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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

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

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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