HDFCLIFE trade ideas
HDFC LIFE : Looks WeakThe chart is quite self Explanatory.
If the stock sustains below 500 levels, the chances are high that that stock is heading towards 472- 470 levels.
Stop can be placed at 505-507 levels.
Trade type : Swing
Risk Reward 1:3
Risk : Moderate to Low
Do your research because your are Trading at your own risk.
Long Positions Can Wait For SometimeOn the daily charts, HDFC Life has formed a Double Top pattern. A breakdown was observed on 9th March 2020. Subsequent to which lows of 340 was achieved 23rd March 2020. An intermediate rally has taken the stock to 495 as on 19th April where it faces major resistance of the primary trend line as well as a resistance zone in general. If the stock is not able to give a clear breakout on the upside, the stock could test its lows again. Also the rally mentioned beforehand does not have volumes to give an upside momentum. Until and unless the scrip gives a decisive close above 530, going long would not be advisable. Also if the reverses from current price of 495, we could see our targets of 455 (T1); 412 (T2) & 344 (T3).
As mentioned before, this view will be negated if the stock gives a closing above 530.