DLF : Buy
Entry price: 192 - 205
Stoploss: 172
Target: 335 / 450
Time period: 3 months
During the 2nd week of January 2008, the stock had made a high of Rs.1210 and in the 1st week of February 2009, it formed a low of Rs.124 on NSE Cash segment.
After the great fall of almost 90% from the top, the stock has forming Lower Tops and Lower Bottoms for last 3 years.
On 17th August 2011, the stock made a low of Rs.173 on NSE Spot. On 6th January 2012, again the stock has formed a low of Rs.173 only.
On January 10, 2012, the volume on NSE cash segment was more than 3.5 crores shares and on January 11 it was 2.77 crores.
In short, the stock has formed a double bottom followed by the 2 years' highest volume.
The daily chart suggest a strong resistance at 225. Yesterday also, the stock has made a high of 225 on NSE Cash and could not sustain the selling pressure and closed at 212.
The technical indicators like RSI, StockRSI and William suggest an over-bought zone for the stock on Daily chart. Even the weekly chart indicates a hammer on closing basis.
But, irrespective of other parameters, the stock is best buy at each and every dip. If it breaks the double bottom formation, it is prudent to exit the stock.
Entry price: 192 - 205
Stoploss: 172
Target: 335 / 450
Time period: 3 months
During the 2nd week of January 2008, the stock had made a high of Rs.1210 and in the 1st week of February 2009, it formed a low of Rs.124 on NSE Cash segment.
After the great fall of almost 90% from the top, the stock has forming Lower Tops and Lower Bottoms for last 3 years.
On January 10, 2012, the volume on NSE cash segment was more than 3.5 crores shares and on January 11 it was 2.77 crores.
In short, the stock has formed a double bottom followed by the 2 years' highest volume.
The daily chart suggest a strong resistance at 225. Yesterday also, the stock has made a high of 225 on NSE Cash and could not sustain the selling pressure and closed at 212.
The technical indicators like RSI, StockRSI and William suggest an over-bought zone for the stock on Daily chart. Even the weekly chart indicates a hammer on closing basis.
But, irrespective of other parameters, the stock is best buy at each and every dip. If it breaks the double bottom formation, it is prudent to exit the stock.
Sheetalpuri Goswami
+919879028295
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