HDFCBANK may retest 975 if goes below 1025

Hi Traders!

HDFCBANK has shown small rejections at its weekly support trend line. If it moves upwards it can be traded for 1069, as 1069-1079 is area of strong monthly resistance.
If HDFCBANK falls below 1025 comfortably, it will retest 975.
So keep close watch and follow the strategy as follows:-

In case of upward move:
Intraday traders/Short term traders can take an entry at current market price for a target of 1069.
Long term traders should wait for Stock to comfortably close above 1079 or if its retest 975. This is not a good entry point for long term positions.

In case of downward move:
Short term/intraday traders can short the stock for target of 975 at 1025.

Intraday traders, keep following for intraday trade opportunity calls and ideas. Will publish them as and when I see a good opportunity in stock movement.


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