the_consolidation_guy

Possible Breakout in HDFCBank (Above 1521)

Long
NSE:HDFCBANK   HDFC BANK
After the close of today's session (31/ 05 /2021), Multiple bank scrips in NIFTY seems to be hovering around a defined resistance zone .
Heavyweight HDFCBank seems to be one of them.

Notes:
- The Scrip was in a continuous downtrend channel which confirmed breakout on 21st May 2021 (Took support on the channel walls and gave a strong move up)
- The scrip has defined 1513-1521 (0.5% Area) as a resistance Zone . Once on 29th April 2021 when it tried to break the channel only to result in a rejection candle and then again on 24th May 2021, as seen by the small-body candle. Even today, the scrip was unable to cross the upper end of the zone and consolidated just below the zone towards the end.
- On the daily chart , A Double Bottom (Or even a Cup and Handle - Kind) of pattern can be found which suggests possible bullish bias.
- The scrip has taken 100DMA as a support over the last few days.

Could be used for intraday and short term swings.

Please note - Not a SEBI Registered Advisor/Analyst. Only for Educational Purposes. Please Consult your financial advisor before you take any action.
Trade active: Still hugging the zone.. Hoping for a breakout
Comment: Going against expectation by the looks of it.. Waiting for a stronger confirmation.
Comment: Consolidating well below our levels..

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