Buy and Hold....

HDFC (BUY, above Rs700, Target Rs720): The stock has been trading in a narrow band taking structure of ‘Symmetrical Triangle’ which is considered as bullish consolidation, from first week Of December 2010. Yesterday’s close above Rs697 has signaled a breakout from the above mentioned pattern on the line chart. We expect the stalled momentum to reignite in the coming days and stock may head towards target of Rs720. A breakout from inverted Head & Shoulders pattern is also seen on the daily RSI. We advise buying the stock above Rs700 with stop loss of Rs690 for target of Rs720