siddmuk2005

HDFCBANK Analysis

Short
NSE:HDFCBANK   HDFC BANK
I have drawn here support and resistance line with candle stick chart.
Near 1555 is support which is mid term support line .
And saw that there is price resistance in same zone previously with charts and if break that level in downside then we can see some good correction n hdfcbank .

If you see candles last 5 days lower high formation is happening means downside is already in shape but confirmation will be there is break 1555 level untill confirmation will not be there till that time analysis is neutral on hdfcbank .

RSI and ROC is also near top in daily chart hence this analysis is based on few points that i used to make trade.

I will take the stop loss in the trade when resistance line get break upside.
Trade active
Trade closed manually: booked profit