HDFCLIFE trade ideas
Long Term Resistance broken and holding Support + EMA Bounce642 region was a long term resistance for HDFCLife. It was first touched in October 2019 and later tested twice, but couldn't breakthrough. On 17th November the region was broken with a long green candle and the region now acts as a Support.
Also, the EMA bounce concept supports a long entry. The price had entered the region between 10 & 30 EMA and now has come above 10 EMA. Hope to ride the stock along with the EMA.
HDFClife - Approaching Trendline Support + Gap FillingHDFClife is one of the bullish stock which have printed new ATH after the Pandemic sell off.
It Made a ATH of 688 after breaking previous all time high of 645-650 which was a strong resistance.
Since then the stock have corrected 50 rs and now trading at 635.
As per my analysis the stock should have not closed under 645 but there is a gap at 630 which it needs to fill.
So, in next couple of days, it may fill the gap and will also approach trendline support at 628-630.
I would look for long entry around 630 or with a stop loss of 615 on closing basis.
Targets are 645 and then new ATH.