How to trade Intraday - HDFC Ltd in Futures and Options?

Below research highlights on how did we generate intraday call for HDFC Ltd based on Elliott Wave, Channels, Moving average and Fibonacci retracement!

Nifty has continued to move in overlapping fashion from last few days however during the same time stock specific action has continued with strong momentum. This has been providing good opportunity for intraday traders. Below is the stock tip given on HDFC Ltd to our Intraday  / Positional calls subscribers. 

Below we have shown 60 mins chart of HDFC and the strategy we followed to give Intraday call in Futures as well as in Options to our subscribers:

HDFC FUT BUY AT CMP 1500 SL 1480 TGT 1530 – Time 9.26 AM when call was given

HDFC 1500 CE APR BUY AT CMP 14.60 SL 7 TGT 28  - Time 9.26 AM when call was given

HDFC 60 mins chart: (Anticipated)

HDFC 60 mins chart: (Happened)

Happened: In the above chart we can see that Elliott wave is helping to understand the overall trend along with Channels and Exponential Moving average of 100 periods playing important role. Based on this technical concept, we provided call to our subscribers and HDFC moved in lines with our expectation. Prices showed strong momentum on upside in form of minute wave iii and achieved our target level in first few hours of trading session.

This indicates that trading can be systematic if one applies and follow the objective methods of technical analysis. However one should also understand that stock market is a game of probabilities and hence one should follow strict risk management strategies. We advise our clients to trade in 2 lots in which we book partial profits in 1 lot and trail the other one to cost to fetch the maximum out of ongoing trend.

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Stock tips and Nifty trading strategy by Ashish Kyal on Zee Business

Following is the brief interview transcript Ashish Kyal had on Zee Business at 12.30 pm, providing stock tip and trading strategy on Nifty

Q: What should be trading strategy on Nifty given the pressure seen over past 2 days?

A: Nifty has failed to sustain above the important support mark of 7600 and also broke below the previous pivot low. This will keep the short term trend negative and it is therefore advisable to use sell on rallies strategy rather than buy on dips. One can initiate shorts keeping a strict stop of 7690 and target of 7450 levels.

Nifty hourly chart:

Q. Any stock in buy or sell will you recommend. Since the outlook on market is negative will you prefer giving a sell call?

A: As the overall trend looks negative for now it is better to short the underperforming stock. HDFC has been moving lower and is one of the worst performers in today’s session. Also the stock has broken the important support zone of 1090 which is the pivot level. One can therefore sell this stock on rallies keeping 1120 as strict stoploss and for the target of 1020 which is close to the previous pivot lows.

HDFC Hourly chart:

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Trading HDFC using Head & Shoulder pattern & Time cycles

The below research is by Waves Strategy Advisors. For more information on Trading using Elliott wave and Advanced technical analysis visit www.wavesstrategy.com. For subscription details visit http://wavesstrategy.com/index.php/store.html

HDFC has formed a very important Head and Shoulder pattern.

Head & Shoulder is a topping pattern and indicates reversal of trend. Break below neckline provides important confirmation on validity of this pattern. Also break of trendline with Time cycle suggests provide high conviction trade setups.

The below chart is published in today’s morning research report “The Financial Waves Short term update” along with short term charts. It is important to see the short term charts as well for getting good risk – rewards and entry levels. In below article we are showing only daily chart and not 60 mins chart.

HDFC Daily chart:

Waves Analysis:

HDFC is one of the stocks from finance sector which is underperforming Nifty since mid April 2013 and currently trading and sustaining below upward moving channel which was intact since 2009.

As shown in daily chart, recently prices made Head and shoulder pattern near upward moving channel and has given breakdown from the neckline and moving lower. Now, …… will act as a strong resistance.

We have been using other technique like time cycle to confirm the same. Time cycle of ….. days is working very well where this stock has made …... Now, prices have approached near the cycle andtrendline breakdown along with H&S Pattern.  As shown in 120 mins chart, it has been moving lower in downward moving channel. As long as this channel is intact trend can continue on ???

To get the indepth view of HDFC and how we are reading Time Cycle with short term charts on Nifty and stocks from other sectors subscribe by visiting http://wavesstrategy.com/index.php/store.html