Simple Trade Setup | HDFCBANK | 13-12-2021 [ INTRADAY ]

١٢ ديسمبر ٢٠٢١

HDFCBANK

Observations:

1) On 1day time frame, it is between 10DMA and 21DMA.
On Friday, it closed just below 21DMA.

10DMA is placed at 1517.15 level and 21DMA is placed at 1524.43 level.

If it trades above 1525 level then it will work as support.

Otherwise immediate support range will be 1515-1517 level.

Please refer below chart : 1day Time Frame.


2) On 15min time frame, we can see that it is forming kind of rounding bottom or mostly cup and handle pattern.
But still major breakout level is 1560 level.
If it gives sustainable breakout of 1560 level then we can see good up-move.
But breakout of this parallel channel will surely take it to 1560 level range.

Please refer below chart : 15 min Time Frame.


But for recent pattern, we can see that it has been trading in uptrend parallel channel.

And it is currently as base support.

Please refer below chart : 15 min Time Frame.


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Trade Setup for Date: 13-12-2021

1) Don't Jump in to trade at the beginning of the market. Let it get settle for 15-20min first and judge the price action.

2) Everything is mentioned on the chart. I hope it is easy to understand.

3) All the levels will work as support, resistance, entry and exit w.r.t price action near that level.

4) Avoid gap up or gap down chase. Wait and trade between levels.

Please refer below chart for levels.


Hope I made it easy to understand it.

Do comment your doubt or suggestion.

Note: Trade with Strict SL. It may or may not hit all the levels. So one can book profit / loss at respective level considering how price action works near that level.