Chart Check from GEPL Capital for Tuesday, May 23: HDFC, Hero MotoCorp

We have compiled technical recommendations from Rajesh Manial, AVP technical research (retail desk) GEPL Capital for today.

HDFC Ltd:

HDFC appears to be trading in a triangle on the long term monthly charts and appears set to scale higher atleast to levels around Rs 745. We recommend a ‘BUY’ on the stock with a stop loss of Rs 610 for an upside target of Rs 745 and higher in the next four to six weeks.

Hero MotoCorp Ltd:

Hero MotoCorp has formed a bearish candle stick pattern on the long term monthly charts. It appears highly susceptible to further sharp sell offs once it breaches the level of Rs 1850.

We recommend a ‘SELL’ on the stock, ideally on the bounce back till Rs 1930 to Rs 1980 range with a stop loss of Rs 2185. The stock could move further lower to levels around Rs 1700 and lower over the coming months. Investors have long positions may consider reducing exposure to the stock on a bounce back.

Disclaimer:

(The views and recommendations expressed in this section are the analysts' and do not represent those of EconomicTimes.com)