HDFCBANK
HDFC Bank Swing trade !HDFC Bank has made a double bottom on weekly time-frame, and has also given a break-out. The stock is taking support from 200EMA of daily time-frame, you can go long once you see a good bullish candle on 1D time-frame. It could be a long-term swing trade (Positional Trade). Suggested targets 1480Rs, 1511Rs. You can also make this as an investment opportunity because it is almost 15%-16% down from its 52Week High time high.
:warning: Place Stop-loss logically // Trade with your own risk // Trail your stop-loss once it reaches 50% of the target/
POSSIBILITY OF SHORTING HDFCBANKHDFC Bank had crossed a major resistance and was expected to breakout from there. However, it seems it has lost the momentum and now is prepared for a short correction.
- After crossing the resistance HDFC could not last high of 1448
- RSI is now just below 50 and is going down the Moving Average of RSI, in 30 minutes chart
- Volume is in decreasing trend after crossing the major resistance, in daily chart
- Now the formation of head and shoulder pattern looks imminent visible in 30 minutes chart. If the formation fails or doesn't happen, wait and watch.
T1 - 1418, T2 - 1397, Stop loss - 1435
Buy HDFC BankHDFC Bank is showing strong upward movement. It has crossed a strong resistance - Blue color in chart. It is now moving in the price channel and has taken support at 1424 (Black color small line).
The RSI has reversed from the level of 50 and is showing upward movement.
It may be purchased for a target of 1528 which is the next strong resistance
HDFCBank -- Cross the ZoneHDFC Bank is consolidating near the zone marked in the chart.
This zone or resistance is tested multiple times and hence it gives a good conviction if it breaks this zone.
Once it crosses this zone, there is a gap that will be taken out and good up move can be seen.
Keep SL below this zone and sit tight for a long journey as shown by an arrow marked in the chart.
HDFC Analysis | Weekly forcastThe trend is bullish.
Upside Gap is 2362.
Once 2333 is taken away & sustained, we can enter with PCL sl.
RR will be good.