nano6yogesh

HDFC Bank - Topped out ?

Short
NSE:HDFCBANK   HDFC BANK
After the seemingly never ending uptrend, looks like HDFC Bank NSE:HDFCBANK is facing resistance around 2220 levels.

I can see that the stock got rejected at the trendline and also formed an Inverted hammer with Bearish Divergence.

It may come down to 2000-2100 levels.

Good opportunity to short here with a small stop loss.


Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.

Comments

Big fall today !!...the stock was already sitting on top...so even decent to not so good results warrant a correction.
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Shorted July futures yesterday itself because 1105 was a fib extension level I had calculated. The daily Doji supports a bearish movement for a while
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@fcsa, Thanks !! Yes...it has multiple resistances there. By the way didn't get 1105...what is it?
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fcsa nano6yogesh
@nano6yogesh, So sorry... typo... I meant 2215... cant figure out how I typed 1105!! :-)
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@fcsa, oh...ok ok...got it ! :-)
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@fcsa, are you still holding this position?
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preejay preejay
@preejay, To be safer side I took short position when it was started to trade below yesterday's low of shooting star candle, but then EOD it moved up and closed near almost today's high (future)
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fcsa preejay
@preejay, No I closed it... long in futures of Yes, SBIN & IGL
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