Higher High in HDFCAMC & RADICO Trading in Channel

Here we are going to discuss very simple and basic chart pattern i.e. “Higher-Highs” and “Higher-Lows”. Below we can see the daily chart of HDFCAMC, as we have shown the behaviour of the stock price from 18^th June 2019. After see the chart anyone can predict the next moment.

 
HDFC has formed this Mutual Fund Company with Standard Life Investments and holds approx. 57.4% of its shares. It manages 44 schemes comprising debt, equity, exchange-traded fund and fund of fund schemes. It is ranked first in the industry in India on the basis of Average Assets under management.

Technical Overview of HDFCAMC: In this volatile market stock has performed well and now trading near Lifetime Highs. The stock has given bounce exactly from the previous top i.e. Higher-High and stock is continuing this trend. On the last trading day, the stock price has given Breakout to the previous Higher-High and made a new one. The volume is double than average volumes on breakout day. Also, if we see a monthly chart then all are green candles of the last 9 months and the stock price has increased by 1816 points in this period i.e. 132%. We are expecting more rally in the stock price.

We can buy stock from current levels or on dips till 3150-3140 for targets of 3300/3350/3400/++. Advice to keep a stop loss of 2950 on a closing basis.

Technical Overview of RADICO: The stock is trading in a channel on the daily chart and it has made the first top on 28^th June 2019 i.e. around 332. After that stock price has tried to cross first top but not succeed and fallen down from the same levels. Currently, the stock is showing the strength of breakout to channel and trading near its 200 DMA. Once a stock price is cross 200 DMA and closes above then there are more chances of channel breakout.

 
Currently, the stock is trading at the center of the channel, so we have to wait till breakout or fall up to channel support.

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Disclaimer: The contents produced here are purely for educational purposes. They should not be construed as buy/sell recommendations. I am not a SEBI registered Analyst or Investment Advisor. Readers are advised to consult their Investment advisor before taking any decisions based on the above write-up.
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