SBIN & HDFCBANK

SBIN:

HVNs:

Below 3192 , next support seems to be at 3150.

Monthly Chart:

If a deeper correction sets in, we could see levels of 3096 & 2973

How to trade next week?

As of now SBI looks 'sell on rises' . If it is resisted at weekly VAL of 3212 (well give a few pts upto 3220), then short with SL @3220. 


But I am expecting a bounce to last week's VWAP/POC of 3248 - where positional shorts can be taken with SL@3266 (for target of 3150-3096)


HDFCBANK:
Weekly Chart:


This week's low of 2356 is an important support for HDFCBANK & in case  of a further correction it could head to 2336

Monthly Chart:
Monthly chart suggests consolidation & trading within large value of last month.

How to trade HDFCBANK next week?

HDFCBANK is going to report results on Tuesday so be careful abt taking positions ahead of earnings

Given that HDFCBANK has already corrected and it didn't make a lower low on Friday, once can play for an 80% rule trade if it manages to bounce above 2402-2405 then longs can be taken with SL@2382 for target of 2436, 2448, 2466. Above 2480, this becomes very strong and can even reach 2520+

Two important supports are 2382 (developing VAL for this month) and 2356, last week's low of 2356.