HDFC bank is in the up move for sure, but for short time duration stock has gone into the correction. This correction could take the stock to lower level for accumulation. This will result in the halt of price movement on up side. Uptrend will resume once the stock breaches the level of Rs. 1465. While on the short side, we could initiate the position on the basis of chart pattern and wave count.
1. Dow Theory : According to the dow theory, lower lows are forming which could take the stock to the level of 1340-1350.
2. Chart Patterns : Shorter term Head and Shoulder pattern is visible on the stock, define the SL and take the trade.
3. Wave count: According to the Neo Wave count a fifth leg is upcoming on the Zigzag pattern in second consecutive correction on hourly chart.
(This is purely my analysis on the stock and it does not suggest and trade)
1. Dow Theory : According to the dow theory, lower lows are forming which could take the stock to the level of 1340-1350.
2. Chart Patterns : Shorter term Head and Shoulder pattern is visible on the stock, define the SL and take the trade.
3. Wave count: According to the Neo Wave count a fifth leg is upcoming on the Zigzag pattern in second consecutive correction on hourly chart.
(This is purely my analysis on the stock and it does not suggest and trade)