The analysis is based on simple institution manipulation. After the merger of HDFC and HDFC Bank, retailer participation increased two folds which acts as an opportunity for institution to fill their orders.
There exist regular bullish divergence between MCAD and price which is the sign of trend reversal and most probably price appreciates to the 2 defined targets.
There are chances that the price touches the 61.8% of Fibonacci retirement level even and then continues its bearish cycle.
The overall script sentiment is bearish as the entire markets are falling yet...
