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HDFC BANK LTD

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HDFA trade ideas

HDFC Bank in correction mode, wait for the right moment to shortHDFC Bank has started the correction, we are about to complete the first leg of correction, however what we gonna see next is a sharp X wave towards up and then another leg of correction. I haven't marked all the details on the chart, since I use other charting software where I have marked step by step details on each wave count and how we reached there. For now wait for the wave X to be completed and then let the next leg of correction kicks off, where you will have the opportunity to short. As far as the targets towards downward movement is considered I see first target as 1470 if the wave Y turns out to be traingle, if Wave Y turns out to be Zig-zag then expect further downfall to 1470. Good Luck! If you are interested in learning Elliott waves contact me at 8wavestosucessatherategmaildotcom. Planning to start my first batch of Technical Analysis using Elliottwaves soon. Regards Sachin
NSE:HDFCBANKShort
by swapsachin
1
HDFC BANK - A long tradeHDFC BANK has been consolidating for a long while near its resistance areas. This is showing that the sellers are losing their grip on the supply zone and buyers are willing to push the stock ahead and change the market structure. The breakout has not yet happened but the signs look positive hence keep it on your radar. Disclaimer - Please take positions as per your risk appetite and also do not put all your capital in one trade. I am not responsible for any loss or profit that comes along with the trade. Please do your due diligence as well. Just sharing my thoughts and setups as per my 4 years of experience. Will be updating when the trade triggers and giving the Stop loss and Target areas.
NSE:HDFCBANKLong
by Aadilsid0810
HDFC Bank long term buy opportunitiesDraw a pitchfork or a parallel channel with the lows of Feb 2009 at the center of one end, and the approximate price range of Jan 2017 at the center of other end. Why Jan 2017? Because post this the price moved out of the ascending channel with great volatility. So the ascending channel thus created is our conservative rate of growth for HDFC Bank stock price. Personally I have created a regular pitchfork using the monthly candle closes of around 2015 highs and 2016 lows. Now if you notice the price moved down with great volatility during March 2023 due to Covid scare, and the beautiful part is that it found support at the bottom end of our conservative ascending channel (talking about the blue line which corresponds to 1 for the pitchfork, the purple and peach colored lines are extensions 1.5 and 2.5. The price just exceeded the blue line by a bit, but if I draw the 1.25 extension, it is perfectly where the price made the low amidst extreme volatility on March 2020. Magic! Notice the way price treats this conservative ascending channel post March 2020 as well. It's beautifully respected in my opinion. Should price come back down with great volatility, I would expect it to at least show good reaction on the bottom end of the conservative ascending channel (blue line) or the 1.25 extension of the pitchfork! Now again, I don't know if price would come down, but should it come down near that region, I would expect a reaction as I have explained above. Now looking at volume profile of price between May 2017 and Oct 2020, we can see that the POC lies around 1058. and looking at the volume distribution in this price range, we see that between 920 and 1150, we have a market acceptable price of the stock (just another way of saying Value area). Should price come down and get accepted within this range, then it could rotate down to the lows of the range at 920. But, price getting accepted in this range is different from price making a fast move somewhere into the range and going back again. For acceptance the price needs to linger around below this range high and gradually it could go down to the range low. Now, price could just find support on top of this old range, and consolidate there, while dipping into the range touching the POC and moving back out. Also, the golden pocket of the fib pull from March 2020 low to all time high, shows the golden pocket in between 1077 and 1120. The fib pull from 2009 low to all time high, also shows the 0.382 in the same region. We also have the conservative ascending channel in the same region, and depending on with what volatility the price approaches the ascending channel, I would look for reaction on the top, middle or bottom of the channel. Now, I don't know if price would ever go that far down, but should it go down there I know it's a region of support and won't panic because I am prepared. Could it go further down from there also? Yes absolutely, depending on the macroeconomic environment and world events like the war in Europe, things could go south. Could price just start making new all time highs from tomorrow and we never even get to 1400 again? Yes that's also possible. We cannot predict where price will go from here. We can only try to predict what could happen if price goes to certain levels. We can't predict that for all levels either, only for certain levels of high confluence. Final verdict, if price goes to 1050-1120, I would be eager to buy, barring any extreme world events.
NSE:HDFCBANK
by AIRocky
4