HDFCAMC
experienced quite a lot of hesitation at higher levels after bouncing up from ~2430. After retracing from higher levels, we can see it attempting a recovery once again. If the support is held, it could be a good swing long as long as the incoming resistances can be breached. As of now, it is just under the 13DMA (not added in the chart). So a positive Monday closing could increase strength.
HDFCAMC has typically underperformed vis-a-vis the other HDFC sister companies, but it remains to be a fairly strong pick among the various asset management companies.
Comment:
HDFCAMC had a negative day today, but it is still making higher highs and higher lows.
Comment:
After a mild negative candle (mentioned in the above update), HDFCAMC has continued to show us some favorable signs. It now rests above 2489, which is a level I would be very cautious around.
Comment:
HDFC AMC is back where it started. So far, we've established that 2530 appears to be an important resistance zone and 2400 is a very strong support level. Going by this, as long as 2400 is held we could expect another test of 2500+ soon.