DLF has potential to touch Rs 385:Aditya Birla Money

MUMBAI: Aditya Birla Money is of the view that DLF has found good support by the formation of Hammer Candlestick pattern. The brokerage expects the stock to hit target of Rs 385.

“DLF has found good support by the formation of Hammer Candlestick pattern. The Hammer pattern signifies a weakening in bearish sentiment at important support zone and bulls coming with vengeance to protect important level and recapture the lost ground.

RSI has produced a MDRP+ formation which suggests that a slow and gradual fall in price has led to sharp and disproportionate fall in RSI. The MDRP+ formation has occurred right at RSI channel support which further augments its validity.

Along with the MDRP+ formation there has been emergence of positive divergence between RSI and its derivative.

We suggest buying DLF above 360, with a closing stoploss of Rs 350 for a possible target of Rs 385,” the report said.