Range Bound - Waiting for Break Out - HDFC AMC

2020년 6월 14일

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HDFC AMC : One of Major listed AMCs, which has strong fundamentals and It's parenting company is India's one of the best housing finance company (HDFC Ltd). HDFC AMC has proven it's capacity of giving healthy returns. Good dividend yield.

It has faced more than 30-35% correction in it's price due to covid-19. In current time it has been consolidating between a 400 points price range,
once breakout found it can give multi fold returns to long term investors. according to technical analysis it won't see much downside from here.

RSI: is at little healthy position.

Moving Average: Price closed over 200 EMA which is a good signal.

Operator: Price is moving with volume which nullify operators presence.

Upside level & Target:

According to Fibonacci: Price is currently facing strong resistance at 0.382 level, it has tried to break this level and faced rejection.
( IT HAS SEEN IF PRICE TEST ANY LEVEL MORE THAN COUPLE OF TIMES AND FACES REJECTION ONCE IT SURPASS THAT LEVEL IT BECOMES VERY BULLISH). If price crosses 0.5 level there is a great chance that it will stay in the bullish direction.


According to Price Action: As Shown on the chart.



Nifty On Monday: According to option chain analysis
A heavy Put writing has been observed at the level of 9700 & 9500, 9400. If Nifty could not sustain the current level we can see the levels of 9500, 9400. Call writing has increased at the level of 10000 & 10200 & 10300 (RESISTANCE).

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