TRADESETUP – NSE HDFC & HINDUNILVR

NSE HDFCLIFE – Elliott wave Projection

Timeframe: 1h

HDFC Life’s stock recently completed an impulsive price movement and has since entered a corrective phase following its peak at 690.8. This correction took the form of a pattern labeled as A, B, and C, with Wave C retracing 78.6% of the preceding Wave 5, indicating that price equality has not been achieved.

In line with Elliott Wave theory, the potency of corrective Wave B/2/X lies in its capacity to effect a substantial correction. Thus, breaching the boundaries of these levels becomes imperative for a potential change in direction. Should the price breach Wave B, traders can consider pursuing trades with the following target levels: 669 –  690 – 720. It’s worth noting that some traders may opt for entry through a breakout from the established price channel, which remains viable in this context. However, failure to sustain this breakout could lead to a continuation of the ongoing correction.

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HINDUNILVR- Bottom Fishing

NSE HINDUNILVR is currently exhibiting a bullish trend based on the analysis of the daily timeframe chart. The Relative Strength Index (RSI) has initiated an upward movement, indicating potential positive momentum, and a hook pattern has formed on the chart. It’s important to note that prices are currently trading below the 200-day Exponential Moving Average (EMA).

In the event that the price manages to maintain its position above the 2555 level, traders may consider initiating buy positions, targeting the subsequent levels: 2570 –  2587 – 2600. It’s noteworthy that for those who are not subscribed to the premium service, utilizing the low of the preceding day as an invalidation threshold could be prudent to assess trade viability.

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