HDFC is one of the strongest companies from Index heavy weighted. Now stock is trying to move below 200 DEMA.Stock has been moving in a downward channel for almost a month.Now stock is trading at upper end of the channel. One can go short on the stock 824 - 826 levels ( NSE CASH price) with SL at 834 for targets of 786.
Stock hit our trailing SL today @ 817 levels. However we booked marginal profits of 15/- ( shorted at 832).We will see how stock reacts tomorrow.Stock faced resistance today at 34 DEMA. If tomorrow opens there and found resistance at 34 DEMA then we will go short once again if market shows some weakness or sideways.
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