Last week the markets saw a see saw in terms of movement with the Index going to each corner. Although most of the stocks had beaten up DLF came up to be a good performer among them. Last week the stock saw a 10% jump with volumes which were above average.
The stock penetrated its immediate key resistance levels of Rs.210/- that it had been struggling to do in the entire September month. For the short term the stocks shows to have a continuing uptrend which has reached Rs.218.60 far above its August lows of Rs.173.
The stock is hovering above its 21 and 50 day moving averages. For the moment the stock is facing twin resistances (down trend line and a resistance) in the band between Rs.225 to Rs. 230. If this band gets beaten the stock is set to reach the levels of Rs.250 and above in the medium term. However in case the stock fails to surpass the above mentioned levels it might come down to Rs.210 or Rs.195 levels. For a medium term target the resistance level can be pegged at Rs.175.
A safe bet to hold the stock as it seems to perform better than expected another Rs.10 upside seems to be on the cards in the short term. Holding the stock for a year old horizon can be a good stand too.
Bell the Bull says: DLF was up by 10% last week when the market was struggling to perform