HDFC BANK LTD
Long

HDFC Bank Ltd - Base consolidation setup on a weekly timeframe

Amidst the broader market volatility, HDFC Bank among the large cap has formed a flat base consolidation with price nearing breakout zone on a weekly timeframe.

Ideal to keep a close watch on this stock.

The stock price is trading above the 30 weekly moving average.

An up-move could be seen if it breaks out above 1800.

Stop loss at 5-8% is ideal.

Target: Initial target 20-25% for positional trade. Post that, trailing stop loss at higher level.

Note: Not a buy/sell recommendation. Please consult your advisor.

Disclaimer