The stock is showing negative bias for the near term. HDFC Securities recommends investors to sell IDBI at CMP for price targets of Rs99-Rs93 in 5-15 days, with stop loss placed at Rs111.50

1. RETAIL RESEARCH
EOD
Observation
The High of 7755 could be a Short Term Top.
Day’s action formed a shooting star / spinning top candle at the top with good volumes which is an early indication of
trend reversal. Nifty has made another new life time high of 7755.
Technically, price is showing weak signs at higher levels. We had indicated earlier that after reaching 7740 levels
index could reverse in a day or two, now index is showing mild weakness and it could show more clear picture on
weekly close. After testing 61.8% projection level of last two legs, weakness is emerging. There are good chances
that “wave v” could end at 61.8% projection level. And reversal candles at this juncture have more value.
Crucial supply zone is placed at 7760 on closing basis. As long as price trades below this level, index could slide
down to 7440 levels in the near term and 7200 levels in the short term. Trend wise till now there is no clear reversal
but we are anticipating it could happen in forthcoming days. Ideally price should reverse in a day or two. This view
could negate if index closes above 7760. As the price is trading at the resistance zone traders can keep an alternate
view also: which is, if Nifty closes above 7760 then it could extend towards 100% projection level placed at 7930.
RETAIL RESEARCH
Daily Technical Snapshot
July 03, 2014
Nifty Perspective Support Resistance 21 Day EMA Stock Pick
7714.80 Bearish 7700 – 7650 7760 – 7800 7543 IDBI
Nifty Trend Target Reversal
Near Term (1-7 days) Down 7440 7760
Short Term (7-21 days) Down 7200 7760

2. RETAIL RESEARCH
Stock Pick
Stock Pick
IDBI
CMP : 108
Recommendation
Sell : Sell at CMP
Stoploss : 111.50(Close)
Targets : 99 - 93
Time : 5 -15 Days
Observation
 The stock is showing negative bias for the near term.
 Price has been forming a bearish triangle pattern which is a
significant bearish reversal signal.
 The stock has retraced more than 61.8% of the previous fall
which is required for a “Flat pattern”, the high at 110.85 is
marked as end of “wave b” and “wave c” could begin on the
downside.
 The 61.8% and 100% projection level “wave c” is placed at 99
– 93 levels respectively. Overall price is sliding down toward
the above mentioned targets in the short term.
 Traders could short the stock at CMP with a stoploss of 111.5
on closing basis for the target of 99 - 93.

3. RETAIL RESEARCH
Note: Once the market opens for trade, the analyst will review it and decide to give the call through an internal mail/SMS at the same or different levels of entry, target and stop loss or not give the call
at all or give a call in Futures/call/put. Clients could get in touch with the analyst through their designated dealers to check about this.
Analyst: Gajendra Prabu (gajendra.prabu@hdfcsec.com)
HDFC securities Limited, I Think Techno Campus, Building ‘B’, “Alpha”, Office Floor 8, Near Kanjurmarg Station, Opposite
Crompton Greaves, Kanjurmarg (East), Mumbai – 400042, Fax: (022) 30753435
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information contained herein is from sources believed reliable. We do not represent that it is accurate or complete and it should not be relied upon as such. We
may have from time to time positions or options on, and buy and sell securities referred to herein. We may from time to time solicit from, or perform investment
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