DESCENDING TRIANGLE formation in HDFC LIFE.We can short after breaking 50ema and 668 levels .and make 200ema as target 1.For long entry it should break the trendline. Targets are mentioned in the chart itself.
Both TECHNICALLY and FUNDAMENTALLY strong stock.💪💪
The company recently posted the best QOQ & YOY result and will very likely post a similarly strong result in Q3 too.
The stock had given a multi-year breakout in May last year after that from September it was in a retracement phase. With the recent breakout of the last Lower High in the daily timeframe, we can...
1) On 1hr time frame, we can see it has major suppor range of 660-665 level range.
If it sustain above it then we can see an good upmove.
Also we can see the resistance Trendline.
Please refer below chart : 1hr Time Frame.
Trade Setup for Date: 16-12-2021
1) Don't Jump in to trade...
HDFC Life Insurance Company Ltd - 05.12.2021
The stock is trading @ 691 levels
There is an Engulfing Bear in daily chart
The prices are below ema
Stochastic overbought in daily chart
The stock is trading under a Channel Range
Let the prices go below 687
watch out for the price action
Level: Rangebound but can breakout soon if level of 740 can be taken out with high volume which is missing so far.
Business Outlook: Very good
HDFC Life in in talk to acquire Exide Life Insurance business which will have a positive impact on his business. Target of 850-900 is possible in medium term
very important setup. script was range bound (Yellow Lines) since Nov 20. after an year........it took support from the area OF DEMAND made just above the support (denoted by white dashed line) and reached the resistance level. If scricpt BO above 721 and sustain it. that will be a signal of fresh buying for the target 758 in short term with Stop loss 720. NSE:HDFCLIFE