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Accumulate @CMP 711, Target 920, Stop Loss 670.

Analysis :-  HDFC Bank has given  breakout from inverted head and shoulders pattern with high volume on weekly basis. The head and shoulders breakout is long term ascending channel on weekly basis which shown positive reversal from lower side of channel pattern. We are expecting this positive breakout reversal will show new higher top in coming period. Price are rallying positively from the past weeks but we see the current breakout is the starting point of 3rd wave from 670 level and this 3rd wave rally will show very aggressiveness when prices break upside ascending channel  of 730 level. We advices to Buy HDFC Bank for positions and portfolio at current market price 711 with target of 920 and 670 is stop for this trade.


HDFC Bank (Weekly Chart)

Disclaimer:All information given here is largely based on technical analysis which is highly dynamic in nature and relevant only at a particular point of time. Users are advised to pursue these recommendations only at their own risk and first consult their personal investment advisor when making investment decisions. We are not liable and we take no responsibility for any loss that you incure by trading/investing on our recommendations. these study are posted for educational purpose only.

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