On an hourly time frame and daily timeframe, HDFCBANK has been facing resistance around 1520. If in Monday's trading session we see HDFC approach 1520 it can and looking at Banknifty's momentum which could halt at 37300 and reverse from there one can expect HDFC bank to halt at or around 1520 and reverse back like it has previously done several time so out targets for the short side are sell on rise
Sell 1523 ( Targets will be 10-15 points up to previous closing ) Stop loss 1535
Whereas if banknifty maintains bullishness and breaks 37300 for the upside or other banks provide a bull run enter for a positional long as the targets will be huge in HDFC past 1520. FIIs have been buying in HDFC so it's a great time to enter it for investment purposes as well.
Intraday buy side
Buy at 1520-1525 ( Sustains for three 5min candle above 1520) stop loss 1500
TGT 1535-1550 and then trail you SL and see how much you can get
Positional 1575
HDFCBANK
easily.
The markets have corrected sharply and once the Russia Ukraine war ends FIIs will be looking towards the Indian markets for fresh investments
Sell 1523 ( Targets will be 10-15 points up to previous closing ) Stop loss 1535
Whereas if banknifty maintains bullishness and breaks 37300 for the upside or other banks provide a bull run enter for a positional long as the targets will be huge in HDFC past 1520. FIIs have been buying in HDFC so it's a great time to enter it for investment purposes as well.
Intraday buy side
Buy at 1520-1525 ( Sustains for three 5min candle above 1520) stop loss 1500
TGT 1535-1550 and then trail you SL and see how much you can get
Positional 1575
HDFCBANK
easily. The markets have corrected sharply and once the Russia Ukraine war ends FIIs will be looking towards the Indian markets for fresh investments
Comment:
Correction where I have written HDFC it should be HDFCBANK throughout the article