DLF To Invest About Rs 3,000 cr To Build New Projects - Stock Analysis




Tuesday, 11 June 2013
DLF EOD Chart

DLF Limited is clearly on a negative bias as can be seen from the charts. EMA crossovers have been bearish since mid May and the bias has remained unchanged since then. A closer look will reveal the finer details as illustrated in the chart below. 

DLF EOD Chart

As per Camarilla strategies, there is weakness in the stock and hence no momentum is seen in either direction. There is some support near 178 which once broken could bring in some more momentum in the negative direction. In such a case, the next target would be 160. Wolfe Waves also suggest a negative bias and the stock is expected to touch the yellow line as shown in the chart.

DLF June 2013 Futures Price

DLF June 2013 Futures OI

A look in to the price and open interest figures for the stock futures depict an initiation of short selling on the counter. A point to be noted is that there has been an 80 % increase in open interest in the call options which indicates an increase in call writing. This is a strong bearish signal. One may short DLF futures once the scrip drops below 177 in the cash segment.

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