HDFC BANK - AN INVESTMENT PICK AT MOUTHWATERING VALUATION?The HDFC Bank extended decline today, after marking its biggest single-day drop since March 2020.In the last two days alone, HDFC Bank has corrected more than 12%.
This decline is fine but there's another picture to it which no one is talking about.
While there is so much panic among investors and traders but this panic can be a good investment opportunity.
There exists a curve resistance at long term charts around 1700-1720 levels which HDFC respected this time also and fell from that level.
On the other hand, If we talk about technical patterns, There is a clear Inverse Head & Shoulders pattern in making at long term charts. Such long term chart patterns don't fail most of the time.
HDFC current market price is 1500 and It is trading at a support zone of 1480-1500 & valuation is good at cmp.
Inverse Head & Shoulders pattern breakout level is 1690-1700.
Breakout of this pattern will take it to 2200 levels which is approximate 46-47% upside from current level. Incase It falls further, then It can be added more at 1450-1420-1400 levels.
This could be a great investment for long term investors.
Largecaps
HDFC BANK - Consolidation phase, is it calm before the storm?Overview & Observation:
1. Solid consolidation happening since 2020.
2. Better to just watch it for now
3. Prices have started moving slowly from the demand zone.
4. PA structure is currently bullish forming HH-HL.
5. Overall strength and momentum are lacking.
D TF:
- Stay tuned for further insights, updates and trade safely!
- If you liked the analysis, don't forget to leave a comment and boost the post. Happy trading!
Disclaimer: This is NOT a buy/sell recommendation. This post is meant for learning purposes only. Please, do your due diligence before investing.
Thanks & Regards,
Anubrata Ray
RELIANCE INDUSTRIES DAILY CHART ANALYSIS AS ON 26.12.21RELIANCE INDUSTRIES a per daily chart analysis stock above 2380 level for a target 2400 level. Resistance are at 2406 and 2474. Stock Below 2357 level for a target 2347 level. Support are at 2340 and 2311 Level. Nifty monthly chart forming indecisive doji , weekly chart forming bullish candle and daily chart forming a bearish candle shows this week may continue to be bearish being year end and monthly expiry in next 5 sessions.Investors may continue to book profits.Avoid fresh long positions. Nifty Support is placed at 16890 / 16837 / 16785 / 16693. Resistance is placed at 17152 / 17214 / 17378.
Reliance Industries price action analysisReliance Industries is currently trading at the potential reversal zone (PRZ)/supply zone set by the XABCD Bearish Bat Pattern. In the past after reaching the supply zone, it got corrected until 0.618 Fibonacci retracementent of CD.
After a good correction, it is trading now near the supply zone. Since it touched the all-time highs, it never had closed above the supply zone. A daily or weekly(safe) close above 2275 could give a boost until 2307.
Sustaining above this supply zone, the price may reach the 2382 level.
Go long above 2275 and start booking your profits from 2307-2382 for a safe setup. Place Stoploss at 2256.
Happy trading :)
This is not an investment idea. Please consult your financial advisor before investing.
ASIAN PAINTS PRICE ACTION ANALYSIS. Asian Paints has crossed 3163 levels with high volumes after breaking the demand zone 2. For a better risk-reward ratio, we can wait for a pullback until 3163, which is expected to act as good support.
Place your stop loss level below the demand zone 2.
The XABCD bearish crab pattern sets a 1.618 fib extension level as a profit booking level for longs. Book your profits here and wait for the price action for a new position.
All the levels and information is mentioned on the chart as well.
Happy trading :)
This is just for educational purposes. Trade responsibly with proper financial advice.
BAJAJ FINSERV / BAJAJ FINANCE The pair chart is suggesting a reversal in Relative Strength from this level as it takes support near a rising trend line, suggesting Bajaj Finserv will outperform Bajaj Finance from here onwards. As per this the spread could now resume its uptrend till 1.95 and then 2.10, view negates below 1.72
Adani PortsIn monthly time frame every time in the past whenever price has had a big gap with its Kijun the trend has reversed. Once again we are witnessing similar kind of extreme range levels. Since this is monthly it could take its time, a weekly close below 495 would be a trigger for retracement till 425-400