Thursday 6 November 2008

HDFC Bank has support at Rs 900: Guppy

Daryl Guppy, Founder and Director of Guppytraders.com is of the view that HDFC Bank has strong support at Rs 900. It is much more volatile than ICICI Bank, it gives a shorter-term trading opportunities.

Guppy told CNBC-TV18, "In ICICI Bank, we are going to look at testing support levels at around Rs 270 level. Again the long-term growth for moving averages is widely separated. A rebound will run into resistance initially at Rs 400 and then very strong resistance at around Rs 530. So what we are looking for is a retest of support or test of support at around Rs 270."

He further added, "If you look at HDFC Bank for instance, it is a little bit more optimistic than ICICI. There is a potential rebound level at around Rs 900 level. This is a relatively strong support level. If I need to hold at Rs 900, the downside target is around Rs 740. So HDFC is much more volatile than ICICI Bank, it gives a shorter-term trading opportunities."

Source: Moneycontrol

Posted by Harsh at 08:05

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.