After 2 days of sharp upmove, looks like HDFC Ltd.NSE:HDFC is facing stiff price rejection around 1940 levels.
This resistance appears to be very strong as the stock has failed to clear it for third time in a row.
I can see a Double Top formation here with negative RSI divergence.
If the stock falls and sustains below 1915, looks like it will head back to 1865.
Good opportunity for option writers to go short here with stop loss at 1950.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
This resistance appears to be very strong as the stock has failed to clear it for third time in a row.
I can see a Double Top formation here with negative RSI divergence.
If the stock falls and sustains below 1915, looks like it will head back to 1865.
Good opportunity for option writers to go short here with stop loss at 1950.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.