AbhishekHSinghCMT

HDFC- Enjoyed the Fall from 1430- 1200- What Next?

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NSE:HDFC   HOUSING DEVEL FIN
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In the previous update- Likely I was looking for a fall from 1430's to 980-1010 zone- Excited, as I got some chunk of the move, which comes once in the blue moon shown as oval shape. The sharp fall happened between 11th to 15th Nov2016.

What Next
The fall of 1464 looks in a complex correction W-X-Y form. Currently it could be early in the fall of the Y - wave- the current sideways move looks like it wants to puke further, but be careful of corrections as they can consume big time, so likely going below 1200 which is the recent swing low will clear the way that the Bank is weak & can inch closer to our desired zone of the target.

First, it could get support in the zone 1150-1160 zone - later zone 1050-1060 & finally, if it gets extended downside then 1000-1025.

Later I shall come back again.


Other Analysis has been attached in related ideas' section

HDFC- Calling for 980-1010 (Click the charts- Load Right Side Bar- To see how it moved)

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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