Today is RBI Repo policy day supposed to start at 10. Such events create unnecessary hype in the minds of retailers. We do not have to get tempted because of that. Remember only one thing that big fish require liquidity means a lot of shares at lowest possible price and then take price up to be sold again at higher prices. There are three phases as per Wycoff. (1) Accumulation - Trend and Distribution. HDFC is at accumulation stage. Here from, real upward movement has to start. Save your money have patience, a lot of money is going to accrue in the time to come. New rally is just at the beginning in many stocks.
Now, Drawn is a line at 1419.25 at the low of 25th January 2024. Today, we have to wait and check that this is not broken and if broken regained again after retracement then only buy for upwards movement.
I will keep you posted during market hours.
Just on the technical aspect HDFC Bank is trading above 200 SMA in Weekly Time Frame.
Disclaimer: I am not a SEBI Registered Analyst. Please consult your financial advisor before making any decision. I will not be responsible for any of your profits/losses. This is only for educational purposes.
Let you grow. May! I follow you.