HDFCBANK prices in the month of May have been consolidating. One can see a triangle formation in the shorter time frame. The coordinates of the downward trend line of the possible triangle is marked in the chart. Once the formation is complete and if there is a breakout on the upside the prices can attempt to fill the earlier gaps that were formed on the downward journey of the prices. If there is a price breakdown from the triangle then the earlier lows that were made in March and beyond can be tested. Below the lower levels made in March, the long term support for the script can be found near 478-560 levels.


The first version of this analysis appeared in the educational blog of Center for Research in Asset Markets and Economy (CRAME), Christ (Deemed to be University) Lavasa


The content provided in CRAME blog is for educational purposes only. CRAME or the analyst(s) do(es) not assume any responsibility for the financial decisions/actions made on the basis of the analysis presented in the blog.


Prof. Binu P Paul PhD
Prof. Soumya V ACSI
Trade closed: target reached: first target as per the chart reached today. Immediate higher targets now are 922/941
Trade closed: target reached: One more target pending on the upside


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