Where is Bottom for HDIL?

HDIL

HDIL lead the carnage for Mid caps for 3 days in row. Stock is down 30% in last 3 trading sessions, as seen in chart below. It all started with HDIL VP selling 1 % promoter stake on Tuesday with deal valuing 57 cores. Market participants are thinking company is going bankrupt, VP has come on television and assured the sell is to fund land acquisition but market participant are not buying the story.  Lets see how the technical of the stock looks like


Above is the Daily chart of HDIL, stock has taken support at the 45 degree trendline, If support of 69-72 is held HDIL can give bounce back till 78 and 82 odd levels.

HDIL Fibo Fans

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