Finding Value area is the key to success in trading.
HDFC Bank had an initiating move today and even it was one of the mover in Nifty.
As mentioned in the chart, any move breaking the rejection zone can be an initiation trade. But keep a close look on some of the important parameters like News and Events.
As per the recent market conditions, HDFC Bank is a value buy for the money at 1010 to 1020.
FYI.. Volume Profile is one way to identify the true interest in the trading zone.
Disclaimer: As a strong believer in efficient market hypothesis, this analysis holds good only in the case of No event/news in to the market. This is my personal view and take your decisions only by your analysis.