Everyone is talking about the breaching of 200 DMA. But please don't hate it, rather try to find a opportunity. Let's try to look at it from a different dimension. - It is not the first time it would reach its 200 DMA. - There is a trendline since 2018 where it has tested the trendline and 200 DMA at the same time, it breaks the 200 DMA at times but comes back more aggressively. - Moreover currently HDFC BANK is forming a pattern in between descending triangle & Pennant , which is nothing but a bullish continuation pattern.
The chart explains it all, Please have a look.
Chart & Analysis - ADARSH DEY
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According to the above short term chart , one can close the trade at CMP 1509
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1519.75 HIGH. Missed the target by just 25 Paisa. I am thankful to HDFC BANK for respecting my short term study.
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Updated Chart of the previous short term chart posted above , the reason why HDFC BANK took a resistance at 1560 Level.