HDFCBank Target Met !

On the 31st of May we had given our view on HDFCBank when it was @2275 - and the next day it shot up by 100 Rs. Yesterday HDFCBank shot right through touching a high of 2499 and closing @ 2489
The stock may face strong resistance 2539 and one could short at these levels keeping a stoploss of 2444

HDFCBank & NIFTY UPDATE

HDFC BANK blasted today closing at 2399.55 and touched a high of 2408. Although 2 of our targets of 2350 and 2400 have so far been achieved the target of 2475 still remains which we hope to achieve later during the week.

For tomorrows (June 1st) trading session - 

Based on todays close HDFCBank looks good above 2374. If traded above this level for sometime we could see 2433 and above that 2460-65. However maximum profit should be booked at the first level. A strong support stands at 2340.

As per our projections todays High could be 2455 and Low 2357

Regarding our previous post of Nifty triangulating to 4800 on the 26th of May, we had hit a low of 5328 and closed at 5348. Since then Nifty has gained  212 points in 4 trading sessions and closed at 5560 on the 31st of May. 

However we would like to point out that the corrective B wave consists of 3 sub-waves. We may experience some sort of a correction in the coming trading sessions before hitting 5650-5690 levels. A very strong resistance is seen at 5700 levels where we think the Nifty shall eventually give traders the final exit chance. 5700 is also the 6th point which concurs the symmetrical triangular pattern.

Please be advised if any kind of actions or short positions are assumed work with a strict STOP LOSS. 

Technical Call on HDFC BANK

Using a very simple and conventional technical technique - we now see that the 5 DMA and 10DMA  have started to rise over the 20 DMA - the simple rule generates a buy signal when the smaller moving averages are above the larger moving average and triggers a sell/short signal when the smaller moving average goes below the larger or 20 DMA. The application uses a variation of 5,10 and 20 DMA.

As we can see MACD has also generated a buy signal for HDFC BANK.

The equity has been finding and using 2275 as a support line. Short term call or target for HDFC BANK stands at  2350, 2400 and 2475