RajendraNayak

HDFC Bank Trade Plan for 29th October

Short
NSE:HDFCBANK   HDFC BANK
On 28th October, In 1st 30 Min candle itself, HDFC Bank broke the upper channel support at 1226, thereby confirming the move towards balanced auction profile POC and closed at 1209 level. Below is the trade plan for 29th October.

1. If Open and sustains below 1195, go short with SL of 1202 for target of 1180.

2. Sustaining below 1178 will make further weakness and can go till 1165 level. SL for this would be 1183.

3. Longs can be only initiated above 1226 for target of 1235 with SL of 1222. This looks very less likely.

Tomorrow is monthly expiry. Moves can be very fast. Trade according to your plan
Comment: First 30 min candle sustained below 1195. Hence Trade Plan 1 active. Currently trading at 1190 level. Hold for target/sl or book as 1:1 Risk to reward achieved.

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