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Published on 15/06/2019 5:25:51 PM | Source: HDFC Securities Ltd

BSE Consumer Durables Sector Technical Report  - HDFC Securities

Posted in Broking Firm Views - Sector Report| #HDFC Securities #Sector Report

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BSE Consumer Durables Sector Technical Report - HDFC Securities

 

BSE Consumer Durables Index – CMP 25264 “Breakdown ”

* The daily chart of “BSE Consumer Durables (CD) index” shows that it has formed a significant top for the short term.

* Price has provided a short term trendline breakdown .

* The negative momentum from the highs managed to push the index down to form an engulfing bear candle on daily chart which is a bearish reversal formation.

* Stochastic oscillator is placed with sell signal.

* Price has started to retrace the last rise from 22751 to 25573 levels ; key retracement levels of 23.6% and 38.2% levels are placed 24900 and 24500 levels respectively .

* Traders can maintain negative stance in Consumer Durable stocks ; downside target is placed at 24900 - 24500 with a stoploss of 25600 on closing basis . Stocks to watch: Titan, Voltas & VIPIND

 

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HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475

 

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