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India Infoline recommends HDFC Bank

India Infoline recommends HDFC Bank
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First Published: Thu, Jan 29 2009. 11 20 AM IST
Updated: Thu, Jan 29 2009. 11 20 AM IST
Despite seeing a steady declining trend last week, the stock managed to hold on the crucial levels of Rs863-870, amid extreme volatility. The short-term trendline is acting as a strong support since last week of November 2008.
The stock has bounced off from the above-mentioned levels on two occasions. As and when there is a burst of short covering, it could rise again till around Rs955-965.
It has the potential to move till Rs970 before it runs into resistance. Maintain a stop loss of Rs885 and go long. Increase the position if it closes above Rs945.
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First Published: Thu, Jan 29 2009. 11 20 AM IST
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