HDFCBANK | 08-07-2021Strength : In today's session (07th July) the stock price managed to close above 200 DEMA ( 1D chart) and day's low was 1527.70.
Concern : Since Mar 2021, whenever the stock tried to cross 200 DEMA , it has retrieved back. So for tomorrow's session ( 08th July) the test is to see if the stock price stays above 200 DEMA. Another concern is that RSI level is 64.10 which is a slightly high level. Considering the above, according to my analysis, the trading range will be
Trading range: INR 1515. ( average of Open & close of 06th July) and 1545.35 (high of 07th July)
Any movement below or above the range can be a game changer.
