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HDFCBANK - VIEW FOR DECEMBER 2018

NSE:HDFCBANK   HDFC BANK
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HDFCBANK IS AT A VERY CRITICAL JUNCTURE. A BREACH OF 2150 WILL LEAD TO AN UPSIDE WHICH CAN TAKE THE STOCK TO LIFETIME HIGHS. HOWEVER, THIS IS NOT THE MOST PROBABLE OUTCOME.
THE DOWNMOVE FROM HIGHS OF 2220 TO 1885 SEEMS TO BE AN IMPULSE AND IF THAT IS THE CASE, THE RETRACEMENT SHOULD NOT EXCEED 79% OF THIS MOVE WHICH GIES US A STOPLOSS OF 2150. THE UPMOVE SEEMS TO A COMPLEX CORRECTION OF ABC WHICH IS A ZIGZAG FOLLOWED BY AN X-WAVE FOLLOWED BY A TRIANGLE TO END THE CORRECTION. THIS SEEMS TO BE THE MOST PROBABLE SCENARIO. ADDED TO THIS, THERE SEEMS TO BE A EUPHORIA SETTING IN THE PRICE OF THE STOCK FOR LAST FEW DAYS, WHICH FURTHER REINSTATES THE FACT THAT A STEEP FALL MAY BE NEAR.

STRATEGY
ENTRY SHOULD BE TAKEN ON THE SHORT SIDE IF THE PRICE BREACHES THE BLUE LINE CONVINCINGLY, WITH A STOPLOSS OF 2151 AND TARGETS OF 2000, 1908 AND 1885 RESPECTIVELY. IT GIVES GREAT RR OF 10. TARGET OF 2000 SHOULD BE REACHED PRETTY QUICKLY.
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