Trading ideas (Time period: 1-3 days) - IIFL
HDFC (BUY, above Rs1050, Target Rs1085, SL Rs1035): It had seen a sharp decline from the recent peak of Rs1,275 in last week of December 2015. In yesterday's trade, selling pressure exhausted and stock attempted a resumption of new rally after making a piercing line pattern, which is considered a bullish candlestick reversal pattern. This formation appears during a downtrend, it suggests that a bottom could be forming. (Duration 5 days)
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