HDFC has been a roller coaster ride for past few months. But surprisingly a wolfe has been formed in the mean time with a target of 2236 and next or 2400 in long term. But in the short time the filling of the small gap in-between 2058 and 2071 would have indicated a healthier growth (Not necessarily because from last 8 trading sessions it has been respecting the 50% level ie.2084 ). By filling the gap it would also touch the retracement at 61.8%, again a good sign.
If the low of 23rd august is broken and new low is created, then the stock has to stay in the downside for a long time even-though the market would be doing good. So most probably it will bounce back from the current level and match up with upcoming market after Chinese stimulus infusion.And focusing on the time retracement as the top has been created at exactly 2 and 5, a new peak can be expected in between the 5 and 8.
If the low of 23rd august is broken and new low is created, then the stock has to stay in the downside for a long time even-though the market would be doing good. So most probably it will bounce back from the current level and match up with upcoming market after Chinese stimulus infusion.And focusing on the time retracement as the top has been created at exactly 2 and 5, a new peak can be expected in between the 5 and 8.