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You are here : IndiaNotes >> Research & Analysis >> Companies >> Dewan Housing Finance Corporation Ltd. >> Research

Weekly Equity Picks: DHFL and ACC

Way2wealth | 29 Nov, 2016  | Follow Author | Add to my Favourites 
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DHFL (Cash): DHFL has seen vertical decline in past few trading weeks and lost nearly 36% from its all-time high of around 335. Subsequently, the fall got arrested near 214 as this level coincided with the multiple support zones. Looking at the weekly chart, stock precisely took support at the Down ward sloping trend line which was broken in early August, 2016 hence it reversed its role and became an immediate support. The said low coincided with the 61.8% retracement of its entire move from the bottom of 136 to 335. Also, the last week low coincided with the weekly 89-EMA. In line with the expectation, stock has seen sharp recovery last week and formed a Bullish Hammer pattern. The Weekly RSI (14) momentum indicator has formed a Positive Reversal pattern. Combining the above technical parameters, we advise traders to buy this stock in a range of 238 to 233 with an upside price target of 265 first and incase of further optimism stock may rally till 290. Strict stop loss should be placed at 212. Recommended Action: Buy.


ACC (Cash): Looking at the weekly chart, ACC has seen vertical decline from the top of 1736. The fall got arrested near 1256 and we saw decent bounce during last week. Looking at the chart structure, the last week low precisely coincided with the Rising Trend line joining from its previous bottoms. Due to decent pullback, the last week candle resembles a Bullish Hammer pattern. The occurrence of such candle near trend line indicates possible reversal. On a daily chart, we are seeing a formation of Bullish Harami which is also a bullish candle and got confirmed by closing above 1297. The weekly RSI (14) has formed a Positive Reversal pattern which is a bullish pattern. The said pattern will be activated once stock surpasses its last week high of 1335. Hence, we advised traders to buy this stock above 1335 with a price target of 1432. Stop loss should be placed at 1275. Recommended Action: Buy.


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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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