If my counting is right then, the stock looks good at CMP with SL of 2730/- for higher targets of 3400+.
The stock looks in correction mode of which major A is completed and its moving towards major B wave of which the last leg is still pending.
Note:
1. Views are personal and for educational purposes only. Recheck and take the trade as per your RR.
2. Always remember SL is your lifeline, not the big target...
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3. Views given here is not a tip rather it is for educational purpose... Aftermarket...
I will buy HDFCAMC because :
It has been taking support at the trend line .
It has touched the support 2 times and has not been able to break it.
So will be looking at buying opportunities.
If it breaks the support look at shorting
Entry : 2877
Target : 3368
Stop loss : 2783/2679
Hi Folks,
HDFC AMC has done 1 and 2 of the largest degree and is currently in the 1st up (of 1 smaller degree).
Of this 1st wave up (of 1 smaller degree), we are currently in the middle of it's minor 3rd wave.
Since the 161.8% fib projection of the minor 1 and 2 waves is roughly 3450 which somewhat coincides with the 50% fib extension of the 0-3 wave...
1. We started with a Daily Time Frame to check the trend ! Upside.
2. We switched to 4H time frame to find a channel pattern forming.
3. We switched down to 2H and 1H time frame to plot the support and resistance zones.
4. On hourly time frame we also got confirmation on RSI chart which shows an oversold zone.
5. We found that the current zone is the retest on...
On daily closes, HDFC AMC has formed a bearish engulfing candle.
This could open negative in the next trading session.
Keep on radar.
Please like and follow.
After a Breakout on the 3rd attempt, the price now is following the Parallel Channel.
A Retest with low volumes is also visible.
Most likely it will follow the direction of the blue arrows.
HDFCAMC Spot chart is forming inverse head and shoulder pattern. Break out with closing above neckline may give the marked target to validate this pattern successfully.
VIEW NEGATED BELOW - 2399 (DCB).
