Watch out for these key levels on HDFC Life, ICICI Pru, says Mehul Kothari

According to the technical analyst from Anand Rathi, HDFC Life can jump to Rs 660; while ICICI Prudential Life can rally to Rs 510.

BUY

HDFC Life

Buy Near: Rs 600

Target: Rs 660

Stop Loss: Rs 570

HDFC Life has confirmed a range breakout above Rs 600 mark. The breakout resembles a bullish inverse head and shoulder pattern. The price action is supported with humongous volumes and the stock has cleared the high of previous quarter.

Thus, we advise traders to go long in the stock in the range of Rs 605 - Rs 595 with a stop loss of Rs 570.

BUY

ICICI Prudential Life

Buy Near: Rs 468

Target: Rs 510

Stop Loss: Rs 450

ICICI Prudential Life has been in a corrective mode since past few month. Recently the stock retested the previous support of Rs 440. We are witnessing a triple bottom formation near Rs 430 and hence we expect fresh upside in the stock.

Thus, we advise traders to go long in the stock in the range of Rs 470 - Rs 466 with a stop loss of Rs 450.

(Mehul Kothari - AVP – Technical Research, Anand Rathi Shares & Stock Brokers. Views are personal).