I Bought Shares of DHFL at an Average Price of ₹160
To alter the medium-term downtrend, the stock needs to decline below ₹1,600, which looks unlikely at this juncture. Subsequent medium-term supports are placed at ₹1,500 and ₹1,400. Investors with a long-term perspective can stay invested with a stop-loss at ₹1,370.
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Dewan Housing Finance Corporation (₹23.3): The stock of DHFL is in a downtrend across all time-frames — short-, medium- and long-term.
After recording a multi-year low at ₹15.15 in late October, the stock has been moving up circuit to circuit. This kind of movement provides very less opportunity to buy or sell the stock.
Therefore, traders should be cautious while buying the stock. As long as the stock trades below the key resistance in the band between ₹55 and ₹65, the medium term outlooks will be bearish.
Avoid taking fresh positions. You can consider averaging on a strong rally above ₹65 with a fixed stop-loss.
Such a rally can take the stock higher to ₹80 and then to ₹100 in the long term and consider exiting it these levels.
On the other hand, a fall below the immediate support level of ₹20 can drag the stock down to ₹17 and then to ₹15 in the medium term.
Immediate key resistances are at ₹30 and ₹40