Positional call – sell HDFC BANK below 600 close sl 660 target 560-520
if able to close below 600 then only hold.
TECHNICAL STUDY –
just have a look at the chart of HDFC BANK today it has again touched the support level, and stock is very well trading below 100 and 200 DAYS SIMPLE MOVING AVERAGE.
even today again it touched the bollinger band now, and if able to give close below desire level then we can see bollinger band riding.
overall trend line study suggest that stock is near important support level now and going and closing below support can ride the stock till next levels.
other over view of stock can give us idea that stock has hit its 6month low today and going below this level and giving close below desire level can create a selling pressure on price.
overall technical study indicate that stock is near a good support level now and going and closing below support can give some downside price action in this stock so even if you take position after braking 600 wait till close below it able to close below level then hold it if its not able to given close below level then wait for the next session.