HDFC BANK- WATCHOUT FOR THESE LEVELS

Dear Christite,

Here is the latest analysis about Indian stock market from Center for Research in Asset Markets and Economy (CRAME), Christ (Deemed to be University) Lavasa.

HDFC BANK prices in the month of May have been consolidating. One can see a triangle formation in the shorter time frame. The coordinates of the  downward trend line of the possible triangle is marked in the chart. Once the formation is complete and if there is a breakout on the upside the prices can attempt to fill  the earlier gaps that were formed on the downward journey of the prices. If there is a price breakdown from the triangle then the earlier lows that were made in March and beyond can be tested. Below the lower levels made in March, the long term support for the script can be found near 478-560 levels.


DISCLAIMER

The content provided in CRAME blog is for educational purposes only. CRAME or the analyst(s) do(es) not assume any responsibility for the financial decisions/actions made on the basis of the analysis presented in the blog.

Analysts

Prof. Binu P Paul PhD
Prof. Soumya V ACSI

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