By the end of trading day on 15th June, HDFCbank made a bullish spinning top candle ( on daily basis) indicating reversal of downward trend of having lower closing price since last 7 trading days.
On hourly basis, HDFCbank stock price crossed its 200 DEMA which is a positive indicator of the strength in the price movement.
As per my last post, INR 1478.75 stood as a strong support and also point from where breakout in today’s (15th June) session started. However, INR 1496/1495.5 is a strong resistance from where prices have been pushed backwards on 15th June session.
For 16th June, the expectation is that stock price to be range bound in INR 1478 – INR 1496 levels. I will be cautious in going for fresh long on 16th June. If you are already holding the stock, like me, I would suggest to hold back. As any consolidation around INR 1490 levels will lead to next rally upto INR 1520
On hourly basis, HDFCbank stock price crossed its 200 DEMA which is a positive indicator of the strength in the price movement.
As per my last post, INR 1478.75 stood as a strong support and also point from where breakout in today’s (15th June) session started. However, INR 1496/1495.5 is a strong resistance from where prices have been pushed backwards on 15th June session.
For 16th June, the expectation is that stock price to be range bound in INR 1478 – INR 1496 levels. I will be cautious in going for fresh long on 16th June. If you are already holding the stock, like me, I would suggest to hold back. As any consolidation around INR 1490 levels will lead to next rally upto INR 1520