HDFC BANK




Following observations can be made in the above chart:

1. Breakout from triangle at 10:40 so took an entry at the price 1383.50 with 180 qty

2. Also, price crossed previous day's high, giving an additional confirmation that there could be good uptrend.

3. Since the breakout happened before 12:30, target is the resistance line 2nd as plotted in the above chart i.e. 1397.65

4. Stop loss is just few points below the black line inside the triangle line , also below the day's first candle i.e.  1369

5. Also, plotted another resistance line, which lies above our target. Hence, we can hold on to our position until then.



Update at 11:45


1. We can observe that there is lot of resistance from sellers in the line plotted above and for the long time now price is struggling to go up, but, there is no big candle formation confirming huge rejection by sellers. When that happens, I will exit. I will take re-entry if price crosses this zone.

2. Otherwise, I am going to hold on to my position.


Update at 12:40:



Price broke the resistance zone finally and we can continue holding on to our position. Like I mentioned, There was no huge rejection candle due to which I was holding onto position.


Update at 1:35:


We can observe there is huge rejection but there is strong support from buyers at the line plotted above. Even though sellers are trying hard to bring the price lower, but there are strong set of buyers who did not allow for that to happen for almost an hour now. Hence, we can hold on to our position until price breaks that zone.


Update at 1:55



We can observe another strong try from bears to bring the price lower but buyers also showed strong strength in pushing it back to higher.


Update at 2:55


Changing the stop loss to 1387.50 as the price is struggling to go up.


Update at 3:10:



1. Had to exit because it is 3:10 at 1390.75

2. Profit - (1390.75 - 1383.5 ) * 180 = 1305