DLF (BUY, CMP Rs317, Target Rs335): DLF is pointing to continued strength in the weeks to come as it has broken a downward-sloping trend line since January 2010. A detailed study of the daily chart shows that the stock has corrected from the high of Rs392 in January 2010 to touch a low of Rs282 last week. On Friday, the stock staged a smart breakout past the downward sloping trendline. This bullish breakout signals the end of the intermediate downtrend. The other supportive technical oscillators are positive and the upmove may extend to the levels of Rs338 and Rs345. We recommend high risk traders to buy the stock in the range between Rs315-319 for a target of Rs335 with stop loss of Rs309.
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