#HDFCBANK

Does it take support at the lower end of the channel and bounces back

Lets see what happens from here

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Collaborated with @AdityaTodmal

1/ How to read Candlestick:

Green/Blue candle indicates buyers candle & red candle indicates sellers candle

2/ 24 candlestick patterns explained

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4/ How to plot Support &

@Kunaljain_007 #HDFCBANK
Flag & pennant formation

1000 days ago, I started learning about Support & Resistance.

Here are 10 pointers from Support and Resistance that'll get you started in the next 3 mins: 🧵

Collaborated with @AdityaTodmal

1/ Understanding Support and Resistance:

• Support levels indicate where there will be a surplus of buyers.

• Resistance levels indicate where there will be a surplus of sellers.

• When the price moves up and then pulls back, the highest point reached before it pulled back is now resistance.

• When the price continues up again, the lowest point reached before it started back is now support.

2/ What is a Support:

• Support is the level at which demand is strong enough to absorb the supply.

• The price is likely to bounce back and moves up in the opposite direction.

• Support is a level where the demand from buyers is expected to be much higher than sellers.

3/ What is a Resistance:

• It is the opposite of a support level.

• It is a price point (ceiling) at which the stock price is not expected to rise any higher.

• Resistance is a price point at which there are more sellers than buyers in the market for a particular stock.

97% of retailers buy options and lose money.

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Collaborated with @AdityaTodmal

1/ Basic knowledge of Technicals:

Option buying is about capturing the momentum, hence sound knowledge of technical analysis is required.

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Getting the direction right is very crucial, however along with the direction the timing is equally important.

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Option holders can buy or sell a security at a predetermined price using contingent financial derivatives called options.

In return for such access, option purchasers charge a small amount referred to as a premium to such sellers.

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CE is an abbrevation for Call Option and PE for Put option.

The CE buyer benefits every time the price of the underlying goes up.

Polar opposite is the PE option, as a PE option buyer benefits every time the price of the underlying falls.

#HDFCBank Above 1504, this one could be headed to levels of 1620 / 1880 levels
#Dare2DRM

#HDFCBANK -1432

Base Case 1331

#Probability

HDFC Bank - price bouncing back from the support must knock off the previous highs else it becomes weaker. Not a healthy sign till now. Need a strong follow-through. The zone of 1290-1300 is still to be tracked carefully.

#HDFCBANK Good to accumulate in this range 1260-1300

Looks good against #Banknifty and may outperform as per monthly chart

~Trendline support
~ Previous swing high