HDFC Bank - Bullish (How to trade on Monday)
I am repeating here the notes as mentioned on the chart so that we all can read them properly because of lack of space there and font being very small.
1. Share Market is all about balance (taraju). Left Vs Right and bottom and top.
2. Let us examine this in the light of HDFC Bank case.
3. Check red arrow on the left at 1392.95 and corresponding candles at this price of the left. Here, everything seems to be in balance marked by the white cross line.
4. From here, right got activated means here a support got created and all the stocks bought at this price were sold 1420 and at 1422 a resistance got created marked by the green arrow.
5. Now, I have drawn a corresponding yellow arc as well. Unless this arc is broken, price cannot move up.
6. These arcs or the circles are broken only from the bottom and not from the top means price will come down, make a solid base and then go up.
7. On Monday, there are two important candles at 9:16 a.m. and 1:42 p.m. Out of these 1:42 p.m. candle is pivotal and will decide fate of all the Indian Stocks.
8. Mark 1:42 p.m. candle of this stock and all the Indian stocks. Here, a strong support will be created and stock which trade above this time for at least three hours will remain above this level will make upward swings and below it will be down.
Conclusion: 1392.05 is a major support for HDFC Bank but it cannot go up beyond 1422 before 5 hrs of trading next. Those who have the delivery, need not worry, it has just started its upward journey and will move forward. Special Point (Whenever HDFC Bank breaks high of 7th February 2024 on closing basis, it will become overall bullish).
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.
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