HDFC BANKAfter making a high near 1725 on 18 Oct 21 HDFC Bank Started Moving downwards.
It followed Downward Channel from 18 Oct 21 till 1st Dec 21.
It took support at the same trendline on 20 Dec 21 which was acting as Resistance earlier.
HDFC Bank is moving in consolidation zone since 20 Dec 21.
Red Line marked is the new resistance Line & Orange Line Marked is new Support line.
Now its trading below 200 EMA on Daily Chart which shows weakness.
volume reducing continuously.
Its within Decision Area to Make or Break.
It is Expected to blast upside or Downside near 28 Dec 21.
Before 18 Oct 21 it took support on 50 EMA on hourly chart.
After 18 Oct 21 50 EMA line acted as Resistance on hourly chart.
Till the time HDFC Bank crosses 200 EMA on Daily Chart and take support avoid Long Positions (200 EMA @ 1500).
And if it trade below 1400, More fall is Expected.
Resistance Levels are 1456 - 1519 - 1564.
Support Levels are 1415 - 1381 - 1371.
Risky Traders can Buy at 1415 with Target of 1498 and StopLoss @ 1398.
Safe Traders to Make Long Posn above 1500 once tested this level as support atleast once.
This is for Educational and paper trading purpose only. Must consult your financial advisor before investing or taking any position in the market. please correlate by yourself also on charts.
