HDFCLife: (CMP: 703)
Fundamentally Sound : Score 7.5/10
Demand Zone : 655 to 677.
Strong Support : 690 to 695 for Short Term
RSI Taking support around 35-40 Levels everytime.
Ideal Trade: Selling 700 PE may be Dec for generating 4% of return on Margin blocked.
HDFC life is trading in a channel and is now again at its lower channel trendline and it makes a good opportunity to go long!
There are multiple other reasons to go long:
1)Presence of a strong support zone
2)Support from strong 50 week EMA
3)Support from 200 daily EMA
Furthermore, the Reward to Risk ratio is also favorable.
Hdfc life insurance share heading towards Harmonic PRZ. Ones share price activate Harmonic pattern by entering in PRZ one can find opportunity for swing long if find reversal.
******whatever charts or levels sharing here are just for educational purpose only, not a recommendation. Please do your own analysis...
HDFC life :
* Bullish Bat formation can be seen
* It can also be called as Bear Pattern 1-2-3 (Entry stop loss marked); 1:2/3/4 can used as risk reward if it follows
* Price took support @ 0.786 fib retracements levels
* Price also took support @ 200 EMA while 20 EMA cuts 50 EMA from top
* Falling RSI, Stoch and MACD
What can happen next...
HDFC Life looks a good buy if sustains above 706 for the marked targets until 688 is intact on a closing basis.
To motivate me, Please like the idea If you agree with the analysis.
InvestPro India Team
HDFC is a market mover in nifty50 which is consolidating in a long range . It is still a buy at dip stock and can be bought at its high demand zone of 2635 to 2600 which is also a HARMONIC BAT REVERSAL ZONE
Buy at 2635
SL below 2550
first target of 9-10%
Above that sky is open for HDFC