Hdfcbank looking good to go long, stock's wave structure suggests that the stock is in wave 5, and within wave 5, wave (2) appears to be completed, and now Wave (3) of 5 should play out, the daily macd indicator turned bullish and done positive crossover and rsi above 50 with uptick, one can go long at these levels or in dips with mentioned key levels in chart....
The scrip is currently taking dual support on 20 week MA as well as pandemic lows trendline. Also the company is about to declare its result on the weekend , so it can be a good buying @ support levels for above mentioned targets with prescribed stop losses
Hdfc is in a good channel pattern and has shown good strength near its demand zone if tomm it break the green trendline we can go long for a good target as RBI has also released good FSR July 2021.
Be a smart trader not a horny one, wait for breakout of green line and let it retest or show show good volume
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HDFC BANK has seen a very good trending move yesterday and it also went above and also closed above the supply zone (1415-1425), which would now act as a demand zone, hence any dip in the stock would most likely be absorbed soon, as long as stock is trading above 1410 levels.
Immediate resistance is around 1480-1490 levels.
This trade offers a good risk-reward...
HDFC bank also made low in their H&S neck line. but still we need more confirmation because this is the support area too . yesterday low and high both important and we will setup our trade on it. Buy above 1256 sl : 1240 and sell if 1240 broken sl is same closing basis