HDFC BANK has very high potential and can be your jackpot stock.
HDFC Bank is all set to embark on its journey towards 1248-1297 followed by 1315 levels. Below is my strategy for traders in this magical stock.
Upwards:-
When the market opens, wait for HDFC Bank to take a direction. It currently stands at its strong support of 1138. If this moves upwards or opens with gap-up, wait for it to touch 1185.20-1187 post which I expect a pull back to 1172-1173 level. That is your entry point.
Entry point: 1172, SL: 1152, Target: 1248 this week, 1297 next week.
The stock is in strong uptrend and should achieve the targets as quoted above.
Downwards:-
If HDFC Bank moves downwards, I strongly suggest to keep away from cancelling your positions if you have held. You could short HDFC bank to see intraday lows of 1121 but the HDFC bank is targeted to move upwards in a weekly time frame.
---------------------------------------------------------------------------------------------------------------------------------------------------------------
Notice for Intrday traders: I strongly advise to keep away from HDFC Bank in intraday trades. For maximum benefits go for weekly/short term holding if the stock follows Upwards movement as mentioned above. In case of downwards trend, the support lies at 1067 and you could expect that level only if price breaches 1107. Since the gaps are high, I suggest intraday traders to keep away from speculation for two weeks. Incase you want to trade on volumes, one can trade in futures of HDFC Bank with atleast 3-4 weeks expiry date in future.
Upwards:-
When the market opens, wait for HDFC Bank to take a direction. It currently stands at its strong support of 1138. If this moves upwards or opens with gap-up, wait for it to touch 1185.20-1187 post which I expect a pull back to 1172-1173 level. That is your entry point.
Entry point: 1172, SL: 1152, Target: 1248 this week, 1297 next week.
The stock is in strong uptrend and should achieve the targets as quoted above.
Downwards:-
If HDFC Bank moves downwards, I strongly suggest to keep away from cancelling your positions if you have held. You could short HDFC bank to see intraday lows of 1121 but the HDFC bank is targeted to move upwards in a weekly time frame.
---------------------------------------------------------------------------------------------------------------------------------------------------------------
Notice for Intrday traders: I strongly advise to keep away from HDFC Bank in intraday trades. For maximum benefits go for weekly/short term holding if the stock follows Upwards movement as mentioned above. In case of downwards trend, the support lies at 1067 and you could expect that level only if price breaches 1107. Since the gaps are high, I suggest intraday traders to keep away from speculation for two weeks. Incase you want to trade on volumes, one can trade in futures of HDFC Bank with atleast 3-4 weeks expiry date in future.