Post Q3 results: Trading strategies for HCL Tech, HDFC Bank, Metro Brands

Traders and Investors need to be cautious about the shift in trend, whenever vital supports are violated, it is time to be watchful.

HCL Technologies Ltd (HCLTECH)

Likely target: Rs 1,200 and Rs 1,175

Downside potential: 5% to 7%

The shares of HCL Technologies Ltd have broken the vital support of Rs 1,270 levels. And is hinting towards a slide in the direction of Rs 1,200 to Rs 1,175 levels.  The bearish bias may continue to dominate the bullish sentiment as long as the stock trades below Rs 1,270. However, the bigger trend is still positive as the breakout of “Inverse Head and Shoulder” signals an upward trend until Rs 1,120 levels is protected, as per the daily chart.  CLICK HERE FOR THE CHART

 

HDFC Bank Ltd (HDFCBANK)

Likely target: Rs 1,700 and Rs 1,750 (after breakout above Rs 1,580 levels)

Downside potential: 8% to 11%

The stock price of HDFC Bank needs to conquer the hurdle mark at Rs 1,580-level to breakout on the upside, this is the neckline of “Inverse Head and Shoulder”. When this happens, the stock can rally towards Rs 1,700 and Rs 1,750 levels. On the downside, the current scenario suggests a support of Rs 1,500, which needs to be considered on a closing basis. The overall trend looks promising as long as the crucial mark of Rs 1,500 is defended, as per the daily chart. CLICK HERE FOR THE CHART

 

Metro Brands Ltd (METROBRANDS)

 Likely target: Rs 650 and Rs 680

Upside potential: 6.50% to 11%

Monday's 20% upper circuit on Metro Brands Ltd has further strengthened the bullish bias for the stock in the coming sessions. Going forward, the support of Rs 560 and Rs 530 should now play a decisive role for next upside. The overall trend indicates a rally in the direction of Rs 650 and Rs 680 levels. This is a jump of another 11% in the near future.  CLICK HERE FOR THE CHART