Hdfcbankanalysis
FY21-22 Swing Trade Idea #102: Long on HDFCBANK This is a public swing trade idea (other private ideas accessible through website) and is only for Learning and observational purpose. Please understand your risk and take full responsibility of your actions. We would comment on any further updates on our entry, targets and stop-loss on this idea, so make sure to follow if you want to get further updates. Our objective to help anyone who wants to learn technical analysis using charts. You can post your queries in comment section here and we will try to answer asap.
Will HDFCBANK lead BANKNIFTY back up to 38000?HDFCBANK and BANKNIFTY are in a very interesting position. HDFCBANK has formed a nice continuation candle right at the 20 EMA after a pullback on the weekly timeframe. HDFCBANK has been in a nice uptrend, continuously making higher highs and higher lows. If it continues the up swing, it could carry BANKNIFTY with it back up to 38000. A long can be initiated keeping in mind the following levels, only if it sustains above long level for 30 minutes.
LONG ABOVE : 1525
STOP LOSS : 1459
TARGET 1 : 1585
TARGET 2 : 1648
HDFC Bank - Moving in consolidation channel. Breakout soon! Key Highlights:
1. Potential change in MS underway
2. Descending broadening wedge pattern
3. Trendline breakout
4. Consolidating in parallel channel
5. Ripe for the next impulsive move
6. Target: 1561, 1635
7. Stop loss: 1455
You are always advised to use an appropriate Risk-Reward ratio as per your strategy.
P.S: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.