what i think that every time the stock tries to come down bull knocks the bears out of the market.but if there is any bearish engulfing pattern or you can go long if stock shows some bullishness. but i clearly se it it is making support at MA
HDFC Bank seems to be approaching it near term support Rs.1219.99,it may retest 1260.00 before going in the same direction, if market goes green it may go up to 1260 or if negative it may touch somewhere 1225-1220. In my opinion one should stay short up to 1220.00
HDFCBank might have completed its correction at 1224 (end of 5th downwave). New uptrend quite possible, may go for double top at 1320 coinciding with Nifty's DT at 8980-9000 & Bank Nifty's 20600. Let's see. Today's closing should be above 1240 (89 DMA) making hammer on daily charts & with upside tomorrow resulting double hammer on weekly charts. Long positions...
If the 5th wave is completed with the previous support of 1210 - 1225. We can expect some upside recovery.
Corrective waves shown as a,b,c are just the directive guidelines.
Kindly confirm at your end before initiating the trade.
sometimes we can find the trade among the simplest of analysis.
Trade the breakout to the either side, chances are mostly that the breakout should occur on the downside as price is
at the top of the regression trend which in the past respected by the price.
REGARDS
After trending channel breakout, the price action has got into expanding triangle. It shall breaks down towards previous resistance area and confirm it with new support levels.
Target: 1205-1200
SL: 1250
