On 3rd November, HDFC bank gave good up move on daily chart with good volume. However it tested 1250 and never tried to break it. Below are the trading plans for 04 November.
1. If trades above 1250 and sustains above it on 30 min candle close, It will lead to fresh breakout in HDFC Bank. Go long with SL of 1242 for target of 1270/1300/New ATH.
2. Shorts should be triggered only below 1235 with SL of 1245 for target of 1222.
Remember HDFC bank is major contributor to BankNifty. If HDFC bank give fresh breakout and ICICI bank already in upmove, BankNifty can go like wild horse.
Only concern is Nifty is still in consolidation while Banknifty is in run.
1. If trades above 1250 and sustains above it on 30 min candle close, It will lead to fresh breakout in HDFC Bank. Go long with SL of 1242 for target of 1270/1300/New ATH.
2. Shorts should be triggered only below 1235 with SL of 1245 for target of 1222.
Remember HDFC bank is major contributor to BankNifty. If HDFC bank give fresh breakout and ICICI bank already in upmove, BankNifty can go like wild horse.
Only concern is Nifty is still in consolidation while Banknifty is in run.
Comment:
HDFC acted well as per plan. It took SL once but again gave good move after 1250 was crossed. It was never short as 1235 was never breached.
Comment:
SLs are part of the game. Point is to go according to plan and not going into wrong trade