HDFCBANK - TREND ANALYSIS
Medium Term
Trend is down - formation of lower top.
WAVE 1 HIGH - 1259.90
Trade above this level will change the trend for medium term.
WAVE 1 LOW - 738.75
Trade below this level will attract fresh round of selling in medium term.
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Short Term: Formation of B in Wave 2 Corrective phase
Wave 2 A High - 1019.00
Trade above this will be a breakout on short term for higher levels
Wave 2 B Low - 738.75
Trade below will attract fresh selling pressure.
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Near Term: Expectation of completion for Wave2 B Corrective Phase.
Wave 2 B High is 1019.00
Wave 2 B Low is expected either at 846 / 800 levels if we get a new low 871.10
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Analyst Comments:
With a strict stoploss of 738.75, Investors should accumulate the stock between 846 - 800 levels for a target of 1060 / 1148.
Disclaimer: Disclaimer: Drawing / strategy made on this chart is for an educational purpose, kindly consult your investment advisor before investing.
Medium Term
Trend is down - formation of lower top.
WAVE 1 HIGH - 1259.90
Trade above this level will change the trend for medium term.
WAVE 1 LOW - 738.75
Trade below this level will attract fresh round of selling in medium term.
----------------------------
Short Term: Formation of B in Wave 2 Corrective phase
Wave 2 A High - 1019.00
Trade above this will be a breakout on short term for higher levels
Wave 2 B Low - 738.75
Trade below will attract fresh selling pressure.
----------------------------
Near Term: Expectation of completion for Wave2 B Corrective Phase.
Wave 2 B High is 1019.00
Wave 2 B Low is expected either at 846 / 800 levels if we get a new low 871.10
----------------------------
Analyst Comments:
With a strict stoploss of 738.75, Investors should accumulate the stock between 846 - 800 levels for a target of 1060 / 1148.
Disclaimer: Disclaimer: Drawing / strategy made on this chart is for an educational purpose, kindly consult your investment advisor before investing.