Technical Outlook & Trading Strategy:-
The Share price of HDFC Ltd has been consolidating within broad ranges of Rs 612.4 to Rs 732 levels.
But, the key observation to be made is that the price of HDFC Ltd has formed a head and shoulder pattern on the Daily charts.
A breakdown from the said pattern would be confirmed when the price breaks below the neckline level of Rs 623.5 levels.
The momentum indicator is also in sell mode. The prices of HDFC Ltd will face severe selling pressure once it starts trading below the neckline level of Rs 623.5 levels.
We recommend traders to sell 50% below Rs 623.5 and again in the range of Rs 632 – Rs 636levels with a stop loss placed above Rs 645.6 levels for targets of Rs 600 – Rs 582 levels, expected to be achieved in coming few Sessions.
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