HDFCBANK and BANKNIFTY are in a very interesting position. HDFCBANK has formed a nice continuation candle right at the 20 EMA after a pullback on the weekly timeframe. HDFCBANK has been in a nice uptrend, continuously making higher highs and higher lows. If it continues the up swing, it could carry BANKNIFTY with it back up to 38000. A long can be initiated keeping in mind the following levels, only if it sustains above long level for 30 minutes.
LONG ABOVE : 1525
STOP LOSS : 1459
TARGET 1 : 1585
TARGET 2 : 1648
LONG ABOVE : 1525
STOP LOSS : 1459
TARGET 1 : 1585
TARGET 2 : 1648
Trade active:
Price has been consolidating over the past few weeks, making higher lows on the daily time frame. Another push above 1525 levels on HDFCBANK could lead 1585 targets happening pretty fast.
A break of 1525 on HDFCBANK will also correspond to a break of resistance
on BANKNIFTY. Keep close watch.
Please like and follow if you like the idea. :)
A break of 1525 on HDFCBANK will also correspond to a break of resistance
on BANKNIFTY. Keep close watch.
Please like and follow if you like the idea. :)
Trade closed: stop reached:
Stop loss hit.