HDFC BANK LTD
Open-1201--High-1237--Low-1191.65—Close-1233.55
on 9.10.2020
Support:1192/1181/1177/1149/1115.50/1081/1069.80.
Resistance: 1236/1260/1277/1306/1350/1460/1550/1655/1692.
(Bold and underlined figures are most important)
It had made an all time high of 1305.50 on 19.12.2019 and then moved down steadily and made a low of 738.75 on 24.3.2020 after hitting the low it bounced back and steadily moved up in a zigzag manner and currently quoting at 1233.55. It is very well placed on the technical chart and the pattern it has made indicates a big up move ahead in coming days. The only concerning thing now is that it has had a vertical rise of 212 points in 10 straight days, so it is vulnerable for a correction also before further rise. It is so strong technically that it may correct now or may be few days later but in down correction it should be bought into at the appropriate levels with the help of support points of 1192---1187---1181----1177---1149---1124. Safe traders and investor should not buy below 1192 with a stop loss of 1178 whereas aggressive traders and investor can buy up to 1124 but not below it with a stop loss of 1100. At this point of time it is strongly suggested not to buy below 1192. The chart setup as of now indicates that the up move is inevitable and will happen in coming days and the upside target could be 1260---1277---1306----1350---1460---1550---1655. Please note that moving up 1260—1277---1306 are very important and stiff hurdle for it, but once it crosses 1306 and sustain on the closing basis then it will have an accelerated up move. It is very much likely to cross 1306 in coming days. The bias is hugely bullish but be alert and cautious in the long trade at this point of time because of 10 days straight rise in it.
It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.
NOTE: - It is the technical assessment of the stock as of now, the technical
interpretation changes with the price movement and time, therefore investors
are advised to look into fundamental, financial details of the company and last
but not the least management perception for the future of the company before
taking investment decision.
Disclaimer:-The view expressed here are solely of the author and he is not
at all responsible in any way for the outcome of the trade you enter based on
the above view.
Kindly note that make your cost your stop loss
in favourable trade and then trail it as the price move up/down
to gain maximum profit and avoid losses. Use support and resistance levels as
entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT
STOP LOSS.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.