The short-term outlook is bullish for HDFC Life Insurance Company. The price action since November last year indicates a rounding bottom pattern formation on the chart. This is a bullish pattern. The rise above ₹665 last month confirms this pattern. The stock has also risen and is holding well above its 200-Day Moving Average, currently at ₹664. Moving Average cross-overs on the daily chart also strengthens the bullish case.
The HDFC Life Insurance Company share price can rise to ₹740-760 in the coming weeks. Traders can go long now at ₹693. Accumulate on dips at ₹678. Keep the stop-loss at ₹655 initially. Trail the stop-loss up to ₹705 as soon as the stock goes up to ₹715. Move the stop-loss further up to ₹725 when the price touches ₹735. Exit the long positions at ₹750.
(Note: The recommendations are based on technical analysis. There is risk of loss in trading.)
