Traders can build a short position in the range of Rs 2090 to Rs 2105 with a price target of Rs 2020 with a stop loss place above Rs 2145, says Aditya Agarwal of Way2Wealth Brokers.
Moneycontrol News
@moneycontrolcom
Aditya Agarwal
Way2Wealth Brokers
Looking at the hourly chart, HDFC Bank is in a downtrend and formed a lower top lower bottom formation. Recently, the stock saw a decent pullback but found strong resistance near its previous swing low of Rs 2106 which acted as a near-term hurdle.
Also, the said level precisely coincided with the 50 percent retracement of its previous swing move. The daily 9-45 EMA has signaled a negative crossover and indicates that the current trend is down.
Hence, traders can build a short position in the range of Rs 2090 to Rs 2105 with a price target of Rs 2020 with a stop loss place above Rs 2145.
Disclaimer: The author Head of Technical Research, Way2Wealth Brokers Pvt. Ltd. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.First Published on Aug 24, 2018 11:40 am