techtrail

HDFC: Delicately Poised

techtrail Updated   
NSE:HDFC   HOUSING DEVEL FIN
Check the annotation in the chart.
Comment: Price action in the past few weeks has strengthened the case for an Upthrust or fakeout. Have a look at the red WRB formed last week, indicating selling pressure. Unless the price moves above the recent high of 1,465, there would be a strong case for slide to the lower Magenta line.

This stock, along with its twin HDFC Bank, account for more than 10% of Nifty weightage. Considering that both stocks do not look too bullish, there is a case for being cautious in the Nifty.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.