HDFC Bank breaks out of a descending triangle trend reversal

HDFC Bank has experienced a prolonged sideways movement between 1460-1400 for an extended period. However, a closer examination of the price action reveals a breakout from a descending triangle trend reversal pattern. Additionally, the price has crossed above its 50-day moving average, indicating a potential revival in prices. The MACD indicator has also moved above the equilibrium level.

A buy position is recommended, targeting a rally to 1580 initially, with further potential to reach 1610. It's advised to set a stop-loss below 1430 to manage risk.