1. HDFC Bank Price took the reversal from 78.6% retracement level from the previous low on Hour Chart.
2. On Drawing AB-CD Pattern on the same.
3. On complete formation AB-CD Pattern, D Point will be the reversal level.
Assuming BD = 1.27 , D = 887
Assuming BD = 1.61 , D = 901
Assuming BD=1.00 , D=877 (If Double Top Formation Happen)
4. As we know RBI have lower the Repo Rate on last Friday. Bank may provide more loans to customer. But banks are not ready for collateral free loans. So, Banks will use it as Leverages. Banks Margin will Increase.
5. Buy Above 850 Target: 854 , 859 , 866 , 877 Stop Loss 842
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Trade closed: target reached:
Target achieved in pre open.
