DLF has been in news for a long time, courtesy Mr Robert Vadera, the famous or rather infamous son in law, and his associates. I have written about DLF in past. But the situation that is prevalent, prompted a review.
Most of the recent write ups on DLF are giving bullish sentiments. Some saying 140 and some 150+ as their Target. IMHP, DLF is almost at the end of its current rise. This correction has already entered the gap that was created on the day of recent fall and I find it difficult for DLF to stretch much beyond 138.
On Friday, I missed the news and shorted it at around 134 and kept wondering about the crisp rise that continued to sustain the entire day.
That brought me back to the charts and my perception is that it is ripe for another big dip of 61.15 or more from wherever it starts. The nearest low could be seen very close to the expiry day. Since 100.15 was the last low, a short around 137 for a target below 100 (and when that happens, EW will mandate 61.2 for the fall) with a SL of 140.25 may be attempted.
What would cause such fall is anybody's guess. But as I have mentioned earlier, that TA at times tends to create news that no one expects. Seems Vadera is in for a big run for his money. Let us keep our fingers crossed.
PS. I would love to have the views of the readers here on the central question. Which is....What could cause a fall of 61.2 points in DLF in next 13.days?
