[Premium] Trade Of The Week

DLF broke out of a long-term 10-year resistance level in the week gone by. With momentum indicating a strong bullish sentiment, this breakout could be a powerful one. Remember, the bigger the base, the higher in space!

We are bullish above levels of 265 with a target of 395 in the weeks and months ahead.

Click on chart to enlarge view.

The second stock we like is IDFC First Bank. The stock is trading above its resistance of 48 after turning away from this level on three occasions in the past.

Momentum is the bullish regime as the price absorbs overhead supply. IDFC First Bank is a long above 48, with targets of 56 and 66.

Realty has been performing well, and DLF being the largest constituent by weight has moved above a significant level, boding well for the overall sectoral performance. Bank Nifty on the other hand is at a crucial level. A breakout would result in a strong move in the banks.

Thanks for reading and please let us know if you have any questions.

And if you're a Premium Member, be sure to check out our other weekly post, "Three Charts For The Week Ahead."

Allstarcharts Team