HDFC BANK - AN INVESTMENT PICK AT MOUTHWATERING VALUATION?
Actualizado
The HDFC Bank extended decline today, after marking its biggest single-day drop since March 2020.In the last two days alone, HDFC Bank has corrected more than 12%.
This decline is fine but there's another picture to it which no one is talking about.
While there is so much panic among investors and traders but this panic can be a good investment opportunity.
There exists a curve resistance at long term charts around 1700-1720 levels which HDFC respected this time also and fell from that level.
On the other hand, If we talk about technical patterns, There is a clear Inverse Head & Shoulders pattern in making at long term charts. Such long term chart patterns don't fail most of the time.
HDFC current market price is 1500 and It is trading at a support zone of 1480-1500 & valuation is good at cmp.
Inverse Head & Shoulders pattern breakout level is 1690-1700.
Breakout of this pattern will take it to 2200 levels which is approximate 46-47% upside from current level. Incase It falls further, then It can be added more at 1450-1420-1400 levels.
This could be a great investment for long term investors.
This decline is fine but there's another picture to it which no one is talking about.
While there is so much panic among investors and traders but this panic can be a good investment opportunity.
There exists a curve resistance at long term charts around 1700-1720 levels which HDFC respected this time also and fell from that level.
On the other hand, If we talk about technical patterns, There is a clear Inverse Head & Shoulders pattern in making at long term charts. Such long term chart patterns don't fail most of the time.
HDFC current market price is 1500 and It is trading at a support zone of 1480-1500 & valuation is good at cmp.
Inverse Head & Shoulders pattern breakout level is 1690-1700.
Breakout of this pattern will take it to 2200 levels which is approximate 46-47% upside from current level. Incase It falls further, then It can be added more at 1450-1420-1400 levels.
This could be a great investment for long term investors.
Operación activa
CMP 1477I have invested 60% allocation in HDFC and created long position just now.
I am ready to invest more at 1450-1420 levels if comes.
Operación activa
CMP 1448Invested 20% more just now.
Can be added more if 1420-1400 arrives.
Operación activa
Invested last 20% at 1388 today.Fully 100% Invested now!
Operación activa
CMP 1470Operación activa
CMP 1447Still trading above my average buying price and trading in a small range.
Operación activa
Still trading in a good demand zone & consolidating.Operación activa
CMP 1447Operación activa
Still trading within 1420-1450 range.trading at my buying price.
Operación activa
CMP 1460Operación activa
CMP 1528Investment position 100 rupees in profit.
Operación activa
CMP 1552124 rupees in profit.
Operación activa
CMP 1530It gave breakout from 1420 - 1450 accumulation zone, touched 1555 resistance & then retraced and now heading back up. I think it will make a W pattern & will enter to advancing phase.
Operación activa
CMP 1458Operación activa
CMP 1540Operación activa
CMP 1665Investment position 237 rupees ~ 18% in profit.
Operación activa
CMP 1780352 rupees in profit.
Nota
CMP 1600Another attempt to breakout resistance zone failed.
One more chance to accumulate at lower levels for investors.
Operación activa
CMP 1785
357 rupees in profit.
25% up from my investment level
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