RajendraNayak

HDFC Bank Trade Plan for 18 November

Long
NSE:HDFCBANK   HDFC BANK
Like Banknifty , HDFC bank gave clear breakout on the upside on 17th Nov . Now bulls are in control and hdfc bank is ready to go higher for ATH . Below are the trade plans for 18th nov.

1. One should be holding HDFCBank for positionally long for target open with SL 1389.

2. 1374 should act as a good support now. Any moves towards 1374 is a long opportunity with SL of 1360 for target of 1389/1405/new ATH . This can be positional trade as well.

2. 1374 is now composite profile POC .

3. Go short only if 1353 breaks with SL of 1360 for 1342/1328/1309.

As HDFC bank is near All time high, i would never suggest you to take short trade. However these levels can be used for finding support in BankNifty as HDFCbank is major constituent in BankNifty .

If you guys like the idea, please give a Thumbs up to motivate me. Also Please share your thoughts in comments as well.