HDFC BANK - AN INVESTMENT PICK AT MOUTHWATERING VALUATION?
The HDFC Bank extended decline today, after marking its biggest single-day drop since March 2020.In the last two days alone, HDFC Bank has corrected more than 12%.
This decline is fine but there's another picture to it which no one is talking about.
While there is so much panic among investors and traders but this panic can be a good investment opportunity.
There exists a curve resistance at long term charts around 1700-1720 levels which HDFC respected this time also and fell from that level.
On the other hand, If we talk about technical patterns, There is a clear Inverse Head & Shoulders pattern in making at long term charts. Such long term chart patterns don't fail most of the time.
HDFC current market price is 1500 and It is trading at a support zone of 1480-1500 & valuation is good at cmp.
Inverse Head & Shoulders pattern breakout level is 1690-1700.
Breakout of this pattern will take it to 2200 levels which is approximate 46-47% upside from current level. Incase It falls further, then It can be added more at 1450-1420-1400 levels.
This could be a great investment for long term investors.
This decline is fine but there's another picture to it which no one is talking about.
While there is so much panic among investors and traders but this panic can be a good investment opportunity.
There exists a curve resistance at long term charts around 1700-1720 levels which HDFC respected this time also and fell from that level.
On the other hand, If we talk about technical patterns, There is a clear Inverse Head & Shoulders pattern in making at long term charts. Such long term chart patterns don't fail most of the time.
HDFC current market price is 1500 and It is trading at a support zone of 1480-1500 & valuation is good at cmp.
Inverse Head & Shoulders pattern breakout level is 1690-1700.
Breakout of this pattern will take it to 2200 levels which is approximate 46-47% upside from current level. Incase It falls further, then It can be added more at 1450-1420-1400 levels.
This could be a great investment for long term investors.
Trade active:
CMP 1477
I have invested 60% allocation in HDFC and created long position just now.
I am ready to invest more at 1450-1420 levels if comes.
I have invested 60% allocation in HDFC and created long position just now.
I am ready to invest more at 1450-1420 levels if comes.
Trade active:
CMP 1448
Invested 20% more just now.
Can be added more if 1420-1400 arrives.
Invested 20% more just now.
Can be added more if 1420-1400 arrives.
Trade active:
Invested last 20% at 1388 today.
Fully 100% Invested now!
Fully 100% Invested now!
Trade active:
CMP 1470
Trade active:
CMP 1447
Still trading above my average buying price and trading in a small range.
Still trading above my average buying price and trading in a small range.
Trade active:
Still trading in a good demand zone & consolidating.
Trade active:
CMP 1447
Trade active:
Still trading within 1420-1450 range.
trading at my buying price.
trading at my buying price.
Trade active:
CMP 1460
Trade active:
CMP 1528
Investment position 100 rupees in profit.
Investment position 100 rupees in profit.
Trade active:
CMP 1552
124 rupees in profit.
124 rupees in profit.
Trade active:
CMP 1530
It gave breakout from 1420 - 1450 accumulation zone, touched 1555 resistance & then retraced and now heading back up. I think it will make a W pattern & will enter to advancing phase.
It gave breakout from 1420 - 1450 accumulation zone, touched 1555 resistance & then retraced and now heading back up. I think it will make a W pattern & will enter to advancing phase.