Will HDFC Bank will Bounce Back from the Support?

Hi guys, welcome to thenali views.

Today we are going to Analysis the intraday analysis of HDFC Bank for the last working day of the week 12-Feb-2021.

HDFC Bank has opened with of 1582 and touched the day high if 1597.80.

The script has strong resistance at 1591. On breaking the resistance it has some support in today CPR, but once the breakout happened in the CPR the script has touched the day low of 1564.20 which was strong support range where the script bounced back from the same range on 10-Feb-2021 also and today also it was bounced back and closed near 1572.35

Expectation tomorrow:

CPR: 1581 & 1575.25
Pivot:: 1578.15

CPR: Bullish Bias

Support and Resistance for Tomorrow:

R1 1,592.03 S1 1,558.43
R2 1,611.72 S2 1,544.52
R3 1,645.32 S3 1,510.92

Trade Setup:

Case 1 :

If the Script goes pass above the CPR go for buy. But the there was strong resistance in 1hr time frame at 1591. If the script breaks the resistance of 1hr time frame then the target - 1600

Case 2:

If the script breaks the CPR level and 10-feb-21 Day low then go for Short. Target - 1550


Disclaimer:
Kindly do your own analysis before executing this trade. I am not a SEBI Registered Analyst.