inteliigentrader

HDFC Bank Intraday setup

Long
NSE:HDFCBANK   HDFC BANK
HDFC Bank 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.
Trade carefully
Grateful🙏
Comment: Today's sessions was range bound. Expected it to break the range on the upside. Banknifty is also trading in a range. Above 21880, Banknifty will change its medium term trend to bullish. For HDFC Bank, 1052 needs to be broken, for the trend to change to bullish. Above 1052, HDFC Bank can reach 1100 in coming sessions. In today's session, volume expansion happened on back of price moving higher, which was a bullish sign. Selling climax was visible today on 30 minute candle(10:45) after which HDFC Bank moved higher. Stage 1 accumulation, according to Wyckoff method, is visble on HDFC Bank and breakout above 1052 will confirm stage 2, or markup, and during this phase I expect price to reach levels of 1100. Let's see!

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