As the chart indicates, there's significant resistance near 1750-1700, with the stock testing this range 3-4 times and forming a bullish pattern. Applying wave theory, we've completed waves 1, 2, and 3, are in the midst of a running 4th wave, and anticipate a 5th wave breakout above 1750-1700. With current support on EMAs, it appears to be an opportune time to accumulate HDFC Bank, with a strong conviction that 1550 will hold.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.