OmiFX8

HDFC Bank: Topping out with evening star pattern

Short
NSE:HDFCBANK   HDFC BANK
The bull flag breakout confirmed on May 2 has ended up creating a classic evening star pattern is seen on the daily chart . The share's failure to capitalize not the flag breakout-like pattern is hardly surprising given the trading volumes had early picked up following the bullish development.

This one is a sell if the price breaks below Rs . 2317 tomorrow. Infact, a sell position can also be initiated closer to Monday's high of Rs . 2352 with stops above Rs . 2378.

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