HDFC Bank - Analysis for Intraday and Swing Trading

HDFC Bank is the stock that we are going to analyse today based on Open Interest and Change in Open Interest for swing as well as Intraday Trade. We also check the Trend Cycles of it. Before this, we have analyzed Havells : You can check here.

HDFC Bank  Option Front :
HDFC Bank has given closing around 843 on 22nd May 2020. Highest call open interest is at 900 strike price, followed by 1000 and highest Open interest at put side is at 840 strike followed by 800.

Trading Range Of HDFC Bank 

Now time to find out the trading range of the HDFC Bank. For this purpose, we need to look for the highest call OI Row and Highest Put OI Row on the option chain of the HDFC Bank. Trading range seems to be 800 to 900.

1. Highest Call at 900. 

2. Highest Put at 840. 

1. Pivot Strike at 840.

Highest call acts as the highest resistance and highest put will act as the highest support for the stocks.

Trend Cycles

 

HDFC Bank Trend Cycles

Conclusion:

HDFC Bank is near a very important support that is 840. If it sustains below 840 then some move towards 800 and 780 can be seen. And if able to sustain above the support at 840, we can see some move towards 900 and 1000. 

This may take 6 to 7 trading days to happen. In the last two days, HDFC Bank has given short-short cycles. If we get another short then 800 will be on the cards otherwise 900 and 1000 can be seen. These all depend on the pivot level 840 as it is the make or break level for the HDFC Bank.

Disclaimer: The analysis has been prepared for informational and educational purposes only. It is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.

 You can check here Daily Nifty and Bank Nifty Analysis.

Learn From Pro traders