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HDFCBANK

HDFC BANK Analysis 04/03/2021as we can see there is a bearish divergence of Price with MACD and it got its confirmation as the price has fallen and tested the immediate Support Area, and MACD and signal lines has crossed in MACD indicator which is the sign of trend reversal and price correction. the trend is range bounding in a ascending parallels channel and currently touching the top bond we may have an other impulsive wave to the 1 TP and alternatively retrace down to the 2 TP.
NSE:HDFCBANK
by BitonGroup
4
Trade Set up See here I have made major support and resistance lines in a 1 hr Chart for Nifty. As you can see 14347 to 14443 (86 Points ) zone is a painful one. Markets can be very volatile in this range hence for this zone best will be to use an option hedging strategy, do not take a directional view in this range. Also, keep an eye on the support trendlines near closing i.e 14371. Closing below support Trendline line (Retest may occur or not I can't predict if it does and again red candle forms then markets will definitely touch 14222 and then to next support ) will cause some selling. Use these support and resistance and trendline to enter trades. In terms of going long look for trendline breakout in 30 or 15 min candle. Remember as markets fell heavily on Friday therefore general trend in the retail trader is to short the market. You shouldn't be impulsive in shorting, always wait for confirmation don't get trapped on any side, try to read the psychology of 90% of traders, and smartly make your move. See those who missed the rally will always come to buy at major support levels, hence you can use these to do scalp trade on the buy-side too to earn quick money till budget during intraday.
NSE:NIFTY
by vivekz_142
2