Traders always a dilemma of What Stop Loss should be kept for there Trade.For putting your Stop Loss In trading –you need to keep the structure of the market in mind.
Right Now we are in Volatile times so your Intra day trades should have a deep sl as If you see Nifty it give 20 Points move in matter of Mins so” deep sl will help you in not getting Whipsawed” and when we are in sideways market Keep Sl tight as range breakout can give good move for Nifty or Stock you are trading into. Always Treat Sl is the Risk/ Money you are prepared to loose on a particular trade.
HDFC Bank is one of the Strongest Stock of Nifty as it was still not broken the Feb 09 Low of 582 showing strength.Formation of Head and Shoulder is visbile with neckline placed at 621 is placed. But i do not trust this patter much (Personal Prefrence)
If HDFC closes below 611 than we can see the revisit of feb low of 582 break of which will drag the stock below 561,530 in short period of time. These Stock will lead to next down fall if and whn it comes.
Level for Today
Buy above 623 TGt 629,636 and 650
Sell below 611 Tgt 597,582
HPCL has broken its trendline from the low 303 Formed on Feb 24.Now this trendline is acting as resistance for HPCL as seen in daily chart.Stock is still trading range of 370-400 and but closed below its 200 [email protected] which is bearish.
Sell below 370 Tgt 366.6 and 361
Buy above 377 Tgt 380,386 and 390
Trendline drawn from Feb 09 Low gives support for the Low formed on 26 August 411.
Stock could see a bounce back if its Holds 411 till its 200 [email protected]
Buy above 418 Tgt 424,434 and 440
Sell below 411 Tgt 407,403 and 392