AbhishekHSinghCMT
Short

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

NSE:HDFC   HOUSING DEVEL FIN INR2
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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)
HDFC- Calling for 980-1010 Zone
Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
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India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
sir as expected consolidation happened in between the range 1240-11800(today''s high 1239.40 and low 1183)
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it has given weekly closing below 50% or future kumo cloud so as per me your call should hit of 1040-60 level .(winning probability seems 99.99 percent)
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@sandy, Good- Let us wait for markets & see what is stored for us.
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it seems to be consolidating before fall .as chikou span is in between the price of ichimoku cloud .so range can be 1180-1240 for few days.what do u say
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hi sir close below 1215 bears will surely come back to hit long traders margin calls
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@sandy, Yes likely but I will wait for another 15 points also to be taken out below 1200 which will be safer scenario.
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Can we short far month future to benefit from this analysis .
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@Ra_Thor_, 50% move is already done, but yes if it goes below 1200- bears could return -likely safe move was in 1400-1430 -when I came up for the first time.
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Ra_Thor_ AbhishekHSinghCMT
@AbhishekHSinghCMT I've started following you recently (a week or so) , superb analysis Sir, Haven't traded till now , will try to act on your new ideas .
Thankyou :)
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@Ra_Thor_, Thanks & Welcome- always take care of your stop losses & protection points- never trade in a hurry as markets are going to be forever & never repent on missed opportunity- always look for a new one- I am sure you will find one.
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