Like Banknifty and ICICI bank, HDFC bank gave a fake breakout on the downside on 13th Nov by breaking below 1360 level. Now bulls are in control and hdfc bank is ready to go up again. Below are the trade plans for 17th nov.
1. 1360 should act as a good support now. Any moves towards 1360 is a long opportunity with SL of 1353 for target of 1374/1389/1405/new ATH. This can be positional trade as well.
2. 1374 is now composite profile POC.
3. Go short only if 1353 breaks with SL of 1360 for 1342/1328/1309. As HDFC bank is near All time high, i would never suggest you to take this short trade. However these levels can be used for finding support in BankNifty as HDFCbank is major constituent in BankNifty.
If you guys like the idea, please give a Thumbs up to motivate me. Also Please share your thoughts in comments as well.
1. 1360 should act as a good support now. Any moves towards 1360 is a long opportunity with SL of 1353 for target of 1374/1389/1405/new ATH. This can be positional trade as well.
2. 1374 is now composite profile POC.
3. Go short only if 1353 breaks with SL of 1360 for 1342/1328/1309. As HDFC bank is near All time high, i would never suggest you to take this short trade. However these levels can be used for finding support in BankNifty as HDFCbank is major constituent in BankNifty.
If you guys like the idea, please give a Thumbs up to motivate me. Also Please share your thoughts in comments as well.
Comment:
Anyone traded on HDFC bank?? 1374 as composite POC gave a very good support. Even if HDFC bank give minor correction, see the reversal point. Its exactly at 1389 which I mentioned in Plan 1. One could have taken long at that point also. Now It may give one more ATH. remember, When HDFC bank is in upside, never ever short Banknifty.
