Looks like the #HDFCBANK is at key support levels. The levels have acted as strong resistance in past.
But The presence of 200 day EMA just below zone builds a case of support for the stock as of now.
If the levels are breached, stock can go in a downward trajectory.
However the stock has been beaten up recently due to news around Aditya Puri.
Operational Performance of the company is not impacted and stock will hopefully recover from this.
Placing a long or short call will depend on the further action by the stock. Has to be on watchlist.
But The presence of 200 day EMA just below zone builds a case of support for the stock as of now.
If the levels are breached, stock can go in a downward trajectory.
However the stock has been beaten up recently due to news around Aditya Puri.
Operational Performance of the company is not impacted and stock will hopefully recover from this.
Placing a long or short call will depend on the further action by the stock. Has to be on watchlist.
Comment:
Took a beating due to negative news around the company and back on track now. However exercise caution for long bets. Charts show resiliency but banking is very volatile sector and BANKNIFTY index has to support in order for a particular bank stock to go up or down. There is high correlation in banking stocks.
