is looking bullish
. It has turned into a bullish
structure and it is a great stock for intraday. 31st July, the first 30 min candle confirmed selling climax due to the huge tail of the candle, which suggested demand, on back of relatively high volume
. The down move which followed SC
, was on back of very low volume
and the first volume
expansion was visible on the candle marked as 1. This bullish
move was confirmed by a huge wide range bullish
candle on back of abnormal volume
. Wick was negligible and the follow up down move was on back of relatively lower volumes. Volume
expansion was visible during this phase, on candles which had the element of tail, suggesting that some sort of accumulation was happening and supply was being absorbed by professionals. A strong close above the supply at 1052, on back of strong volumes and wide range bullish
candle with tail and no wick, would be a great entry confirmation. If this happens, 1076 is a very easy target and 1090 can also be achieved. Only problem, which I think, is that Banknifty
has been closing positively since the past 3 sessions, and some profit booking might be visible. And so only if the above conditions are met, will I go long in HDFC Bank
. Another confluence is of fibonacci. Fibonacci levels of 0.5 and 0.618, which are known to show the true strength of the trend, are being respected by HDFC Bank
and the candles are also showing demand near these levels. Chances of upmove will increase significantly, if these levels are respected and bounced of on back of strong volumes.
This is an educational post and all the opinions provided above and on charts are simply speculation. Nothing is 100% in stock market.
Consult your financial advisor before taking trades
I do not recommend taking trades according to my analysis as you may incur loss, for which I am not responsible.