HDFC Channel Trade
HDFC has been trading in a Channel since quite some time with 1920 as Upper Limit & 1730 as Lower Limit.
Trade Idea 1
Once failure to cross levels of 1920, HDFC can be shorted till 1730.
Longs can again be initiated at 1730 if fails to breakdown from the channel.
The Script has tested 1930 3 times making a high of 1953 & failing. Recent rise has been seen on basis of Short Covering in Derivatives. IF derivatives go supportive, chances are strong that the script can break the channel as this time, volumes are high as well.
Trading Idea 2
Once the scripts breaks 1960 levels with high volumes, longs can be initiated till Target 1 of 2070 as per channel trade logic & Target 2 of 2185.
Trade Idea 1
Once failure to cross levels of 1920, HDFC can be shorted till 1730.
Longs can again be initiated at 1730 if fails to breakdown from the channel.
The Script has tested 1930 3 times making a high of 1953 & failing. Recent rise has been seen on basis of Short Covering in Derivatives. IF derivatives go supportive, chances are strong that the script can break the channel as this time, volumes are high as well.
Trading Idea 2
Once the scripts breaks 1960 levels with high volumes, longs can be initiated till Target 1 of 2070 as per channel trade logic & Target 2 of 2185.
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