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Rakesh Jhunjhunwala buys 25 lakh DHFL shares – so is it a right time to buy for retail investors ?? see what technical says

dhfl

Jhunjhunwala purchased the shares of DHFL through the open market route, according to information available with the stock exchanges.
Ace investor Rakesh Jhunjhunwala today picked up 25 lakh shares of the mortgage lender Dewan Housing Finance Corporation Ltd (DHFL)for nearly Rs 34 crore. Jhunjhunwala purchased the shares of DHFL through the open market route, according to information available with the stock exchanges. The scrips were bought on an average price of Rs 135.32 valuing the transaction at Rs 33.83 crore, as per the data.
 Meanwhile, Jwalamukhi Investment Holdings offloaded 22.75 lakh shares of DHFL for an estimated Rs 30.25 crore.  company’s market valuation stood at Rs 1,887 crore. In July, realty major had exited the life insurance business by selling 74 percent stake in its joint venture DLF Pramerica Life Insurance to Dewan Housing Finance for an undisclosed amount.
technical study of DHFL
dhfl
as per the technical chart, if we look for the broader view then we can see that stock price is still in a falling channel.
recently price able to move above its resistance range of 120-128 and able to move till 160 level so it’s a indication that stock has able change its intermediate trend.
recently at bottom level of rs. 100 stock taken the support on trendline and also given a ” POSITIVE CONVERGENCE” signal on chart, which produce reversal in stock price.
as per the current chart development what to do with this stock….
as recently we can see that it has developed “DARK CLOUD COVER” candlestick pattern on top before a day. and same was confirm by giving a negative close for today.
so its a overall indication that stock can give some correction of its recent rally, so as per level we can see that, if stock able to take support at 115-120 range and able to give positive close from here then only enter into the buying position considering the 100 level as the final support for the stock.
if not able to give positive close at recent support level then please wait till it complete its correction.
but any how if price able to give close above its 160 level then its a good buy and good breakout above 160 level for target till 185-210-250 level.
so current conclusion is till the time price is falling dont enter into the stock, once able to give positive close at support then only make entry or finally buy above breakout level only..

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