HDFCBANK On Verge of Breaking out - Expecting to Test 1760

While rest of the large cap in India market have started to catch up with mid and small caps after the state election results, HDFCBANK caught the fever a bit late and just has started to move breaking the previous resistance. Closing at 1646 on 12/15 - right at the the .61 Fibo level with pivots as Feb '23 high and Q3 Low - support level is well established in this 1610-1646 range and likely going to hold on any unfavorable macro news. On the other, on Monday 12/18, expect move above 1670 pre-market and test around 1696 - a Fibo .78 level within few hours in the day. The RSI is near overbought level at daily, I expect some strong resistance at 1696. However due to strong macro tailwind, eventually this should break and HDFCBANK should test 1721 the previous strong resistance this week itself. If this breaks into all time high of 1760+ to be seen but I will be surprised to see that happen this week.

매매 수동청산:

Was wrong on HDFCBANK move, however it is a great buying opportunity. I bought at 1630 level and again nibbled yesterday at 1410.