Stock Radar: HDFC AMC hits fresh record high in July; breaks out from Rectangle formation; time to buy?

After a period of mild consolidation since February 2024, HDFC AMC's stock broke out of its range in early July, forming a Rectangular pattern on the daily charts. This breakout propelled the stock to an all-time high of Rs 4,295 on July 15th. However, it then experienced a slight consolidation as it retested the crucial support level above Rs 4,000.