Sell below 1493 to take next support Target-1483,1462,1432 with Stop Loss-1520 NOTE -The above interpretation from the chart is my personal view and doesn't guarantee any success. (Do talk to your financial advisor before making any investment decisions) please like, share and comment if you have any suggestion regarding this analysis
when everyone said long i said short,glad to see u in sync
N50-ANALYST
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@Rakesh14287 ya i noticed that -nobody cared to relate the RSI and the volume for the potential upside breakout and that's the reason why i posted the idea with the heading -losing strength setup ;)
georgematt
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superb call.. do you see it continue the fall?
N50-ANALYST
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@georgematt thx-i am still bearish with the following Reason 1) Broken Trend line 2) Bank nifty looks weak and has formed a head and shoulder like pattern on hourly chart- Currently holding neckline i.,35000 LvL ...Only point of concern is the RSI -29 is the reversal zone for hdfc bank on hourly chart.... so altogether.... below 1480 you might see ~1470 as your 1st intraday target for tomorrow...
Rakesh14287
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@N50-ANALYST, trend line break, and last two days selling pressure once it breaks 1477 (fib point reversal for bullish), this would be last confirmation.
N50-ANALYST
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@Rakesh14287, what time frame are you considering?