Please don't take a long position in HDFC Bank immediately. 1637 is a crucial factor. It is a major resistance zone. Though you can see that this resistance was not breached for the last two times and now it is likely to be broken. Let it cross it with authenticity then only buy. Have a look on both the charts.
Election are around the corner and market is risky. Be, careful for taking a long position in any stock. As far as possible, don't take delivery of any stock, trade with proper stop losses and risk management.
If you notice, in the past short duration all the stocks were sold and brought to the lower level, may be HDFC Bank, Kotak Bank, etc. I am not trying to scare you but throwing a caution in the wind the we are sitting at a level where more and more of precaution is required.
I am not a SEBI Registered Analyst. Please trade in consultation with your financial advisor.
