here 2 nd wave is flat correction. It seems it has completed its 3rd wave and fourth wave has ended at the center line of the base channel. 4 th wave appears to be zigzag. Up side targets are shown in the chart. In the negative sentiment prevailing it is very tough to have positive side for hdfc bank. stop loss is must here though it is nota trading recommendation. like this post if it helps you. follow me to get updates.
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Recent bounce is not impulsive.Hence present stand is neutral unless breakout takes place upside otherwise complex correction may take place.
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Results out.Some negative in the result.Provisions for bad loan has increaed. retail loan growth has decreased as well as corporate. How ever deposit growth is in positive side. how the market will react? If it gaps down support is at 1523. And strong support is at 1506 to 1499. It has to sustain above 1506.I think it will. last time after result it has gapped down followed by selling too. this time it might not happen.
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if gaps up we will see.
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hdfc bank has jumped from crucial level 1508
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It seems C wave of this correction is truncated. have to check in lower time frame if it is ending diogonal. will update later.