HDFCAMC trade ideas
HDFC AMC | Reaction for providing liquidity to FMPs temporary?With the news of HDFC AMC providing liquidity up to 500 crores to FMPs, the stock has fallen 6% at a point intraday. Price has temporarily bounced off from 38% FIB of previous swing. That level also being round number of 1800, it could well act as a support. Do notice the rising trendline. Chances are that the candle close could be above the trendline. Hence, it doesn't look good to initiate new shorts unless 1800 is broken.
In fact, from Risk-Reward perspective its a good bargain to go long with stops below 1800.
Inverse H&S | RSI Heat up1600 is the crucial level to watch out for. Go long if it is able to close and sustain above that level.
On the downside, the range around 1470-1500 could act as support which would be a golden chance to shop this counter.
Analysing historical RSI suggests that the price reversed when RSI clocks mid 70s. Currently RSI stands at 74.67. Expect a one time price reversal before the stock finally rallies past 1600.
HDFC AMC Double Bottom SetupIt fell with a gap and formed a double bottom. It will create a pin bar in daily and fly high. Worst case is consolidation and risk reward is juice!
HDFC-AMC The newbornAfter its listing a couple of weeks ago, it made a nice round bottom, and resting the previous high levels. Awaiting for a breakout/Reversal
