Buy HDFC STANDARD LIFE INSURANCE COMPANY LTD. (NSE: HDFCLIFE )

24 Feb

Buy HDFC STANDARD LIFE INSURANCE COMPANY LTD. (NSE: HDFCLIFE )

 

  • On a daily chart, the stock has started to trade as per the Momentum Triple Pattern theory which indicates that the trend is up and the stock could further accelerate its upside movement.
  •  Moreover, the stock has taken a strong support of its 50 days exponential moving average after a healthy correction from its 52 week high level and forming a strong accumulation level which suggest an upcoming northward move in the counter.
  •  A daily momentum indicator RSI reading is at 66.23 heading towards the overbought zone and an MACD indicator is showing a positive crossover above the zero line which point out for a positive breath in the stock.
  • Based on above technical structure, we are expecting a good upside movement in the counter for the upcoming trading session.

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