HDFC had recently brokeout Descending triangle pattern as well as CPR resistance. It had aslo formed a sort of wedge pattern and now it is trading near its resistance. So there a dilemma whether to long or short, as there was a strong breakout from that triangle pattern it had moved up by 6% in just 2 trading days and also it had moved up by 10% from the support level, so obviously there might be some profit booking by traders. The Company had aslo declared a good Q1 results for FY21-22.
Hence, I strongly believe that it was just a consolidation and may even continue for two or three days but then we may expect some good bullish move from this scrip. So do analyse on your own and look for long opportunities. You can even long this scrip now and if the fall continues for two or three days you may add up more quantities and average the price. All the best for your trades.
Hence, I strongly believe that it was just a consolidation and may even continue for two or three days but then we may expect some good bullish move from this scrip. So do analyse on your own and look for long opportunities. You can even long this scrip now and if the fall continues for two or three days you may add up more quantities and average the price. All the best for your trades.