Tuesday 7 October 2008

Below Rs 1090, HDFC Bank may slip to Rs 950: Mathew

Technical Analyst, E Mathew is of the view that below Rs 1090 HDFC Bank may slip to Rs 950.

Mathew told CNBC-TV18, "HDFC Bank has unfortunately broken very important support zone. It should have never been quoting at this level and the fact that now its trading below Rs 1,200 and it’s dangerous. I am afraid the downward momentum is so much. We are almost near another important support of Rs 1,090. I sincerely hope Rs 1,090 holds out; it's an important support zone because in the event of that being broken, I am not trying to creating any panic but I guess people are in a mood to sell anything and everything. So temporarily and I am not saying it’s going to be a long-term phenomenon but temporarily if Rs 1,090 is broken you may find the stock drifting down to somewhere around Rs 950."

Source: Moneycontrol

Posted by Harsh at 06:57

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