HDFCBANK : Added on to the existing position

Added on the existing position for about 1.25% of the net capital and thereby summing up the total holding in the stock to 2.5% of the net capital.

I do expect the price to push a little bit more to the downside by forming a descending channel in the lower time-frame. By there is also a high probability that the price may rally from even the current levels, since it has done the same in the past, as mentioned in the chart. So, considering the overall macro and micro economics and the resilience of the Indian economy when compared to the global market scenarios I decided to involve in the scrip from the current levels itself without waiting to pick the exact bottom.

There is a potential move of about 21% from the current average buying level.

Previous posts regarding the same scrip is attached underneath this post. Do check them out too.