HDFC bank has seen another major sell off, this is due to Fii's selling constantly in the cash market and since they have heavy holdings in banks such as axis, Kotak and HDFC, lot of down move is being seen. We cannot predict if this is the end of the selling by foreign institutions given that it is trading close to 15 percent below it's all time high for past few weeks.I would prefer going long on HDFC bank below 1400 in cash with a stop loss at 1366. One could also buy in tranches if you feel the price could go even lower.
Strong support at 1340 and 1300.
Strong support at 1340 and 1300.
Note
Partially booked profits at 1421, since 1423 is a strong resistence.Note
Exited the entire position in profit.
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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.