Short HDFC Bank, approaching channel support

17 Nov 2016

HDFC Bank after breaking up trend has been trading in bearish channel from several week, in spite of breakout it could not sustain the trend reversal and turned false breakout and today closed within the bearish channel again. now it is again in the same bearish format, traders may short at CMP with a target of around 1195-1192 as its channel support and look for breakout there if occurs there will a further short opportunity otherwise it will again trade upward to its channel resistance.