Buy HDIL for target of Rs 282: IIFL

MUMBAI: IIFL is of the view that HDIL has formed a formed a Hammer candlestick in Friday’s session. It has recommended buying the stock for target of Rs 282.

“On the daily chart, the stock has formed a Hammer candlestick in Friday’s session. It is considered a bullish pattern. The Hammer pattern signifies a weakening in bearish sentiment. The long lower wick signifies an initial continuation of the downtrend.

On Friday, renewed buying sentiment acted as support and pushed the price higher to close near its opening price. Other supportive indicators such as moving averages and RSI are also suggesting an uptrend from the current levels.

We recommend high risk traders to buy the stock above Rs267 for a target of Rs282. It is advised to maintain a stop loss of Rs 261,” the report said.

Note: Trading idea valid for time-period of 1-3 days.