We all know the potential of HDFC and it's growth. Because of the current bearish sentiment of the market stock is trading at a very low price and we could start accumulating some amount of stocks for swing and long term traders.
This analysis especially for Swing and Long term traders only. (Short for intraday only if gap down opening)
From the weekly chart frame the stock was in a clear uptrend and was moving in the uptrend channel.
When we switch to the Daily frame, we can observe the stock is taking support on 2017's Support and Resistance level as well as 24th march 2020s as well.
But when we zoom in the Hourly time frame we can observe the downtrend of the market and now it is trading at the bottom of the Support.
Also on the last two candles formation of upper wick show some positive possibility if there is not a gap down opening.
Pro Tip (For Swing and Long term traders) - I suggest you start accumulating some quantities and if it goes down again buy again because when the market will recover you will never see HDFC trading at this level.
This analysis especially for Swing and Long term traders only. (Short for intraday only if gap down opening)
From the weekly chart frame the stock was in a clear uptrend and was moving in the uptrend channel.
When we switch to the Daily frame, we can observe the stock is taking support on 2017's Support and Resistance level as well as 24th march 2020s as well.
But when we zoom in the Hourly time frame we can observe the downtrend of the market and now it is trading at the bottom of the Support.
Also on the last two candles formation of upper wick show some positive possibility if there is not a gap down opening.
Pro Tip (For Swing and Long term traders) - I suggest you start accumulating some quantities and if it goes down again buy again because when the market will recover you will never see HDFC trading at this level.