Buy at 2147-49. Target 2190. SL 2139. 2200 Calls is the highest OI, so this level is the steep resistance. Rationale: Stock in the habit of multiple breakout, one more breakout is possible, one of the just a few non-corrupt banks having not much of nagging NPA issue, strong bull market.
Weak RSI and incomplete last motive wave, irrespective good fundamentals make it for a good buy for a true holder.
Expect this to trade flat for a few weeks while people take profits.
Wait for it to reach the buy zone depicted in red.
Entry Price: below 1780(check technicals again when we are here, i will update the idea soon)
Stop: 1651
Take profits:...
BUY HDFC BANK @1888
STOP LOSS OF 1865
TARGET - 1920 & 2010
TIME FRAME 15 TO 20 DAY'S
ON DAILY CHART STOCK GIVEN CLOSING ABOVE 20 AND 50 DEMA AND STOCK CLOSED ABOVE WEEKLY HIGH.
Looks ripe for a significant correction on weekly charts.
HDFCBANK being the biggest contributor of the BANKNIFTY, the index should follow if this pans out.
With RBI policy meet this week and impending Gujarat election, it won't take much for hell to break lose.
I think it's very good time take profits off the table on bank stocks.
After a nice 68% gain so far this year, HDB has been digesting these gains for the last month and is poised for it's next leg higher. We want to be long above $100 with an initial target of $108.
