Decent Risk:Reward Trade Setup in HDFC Bank
Updated
The stock is showing an ascending triangle pattern. WAIT for a confirmation of breakout of price at at or above 986 on closing basis on the daily chart with volumes greater than previous few days. Once the confirmation is received, the stock will give a bounce to 1075 in a short span of time however the final target for short term traders would be 1140. Stop loss after confirmation should be 935. However I want to emphasise that wait for confirmation of breakout.
Risk = 986 - 935 = 51 points
Reward T1 = 1075 - 986 = 89 points
Reward T2 = 1140 - 986 = 154 points
Risk:Reward Ratio is 1:2 or 1:3 depending on you wanting to achieve T1 or T2 respectively.
Risk = 986 - 935 = 51 points
Reward T1 = 1075 - 986 = 89 points
Reward T2 = 1140 - 986 = 154 points
Risk:Reward Ratio is 1:2 or 1:3 depending on you wanting to achieve T1 or T2 respectively.
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