HDFC Life Insurance Company Ltd

NSE :HDFCLIFE   BSE :540777  Sector : Insurance

About Company: HDFC Life Insurance Company is engaged in carrying on the business of life insurance. The Company offers a range of individual and group insurance solutions. The portfolio comprises of various insurance and investment products such as Protection, Pension, Savings

New in Stock: Standard Life (Mauritius Holdings) is to sell 7 crore, or about 3.46 percent of total shares of HDFC Life Insurance Company through block deals on June 29. The price range of the block deal book has been fixed at Rs.658 to 678 per share (5.8 percent-2.7 percent discount to the stock’s closing of Rs.696 on NSE on June 28).

JP Morgan India and BoFA Securities India are the joint bookrunners of the deal. The base offer size of the deal is Rs 4,606 crore at the lower end of the offer price range. As of the shareholding data available with BSE, Standard Life (Mauritius Holdings) held 17,95,39,209 shares, or 8.88 percent stake, of HDFC Life at the end of March quarter of FY21.

Daily Chart of HDFCLIFE:

Technical Outlook of HDFCLIFE:

Stock closed at 696.20 on NSE. A correction of 4.1% was seen in Monday’s trading session. Stock today broke 10 and 20 Exponential moving averages which indicate the short term trend is negative and stock may see correction for the couple of trading sessions. Stock may find support around 688- 680 level around trendline support and 50 EMA. As overall trend for the stock is still up hence We suggest to buy stock on correction between 688- 680 for the targets 725- 740 with stop loss placed below 669 level on closing basis.