Krystal Ball

22nd May 2001

Dear readers,

please read the disclaimer at the end of the study.

                                        HDFC Bank Charts.

I am responding here to some investor queries concerning my previous chart posting on HDFC Bank. All charts below are self-explanatory as regards the outlook for the respective time periods and the price extent.

There are two triangles traced by the price line.

The outer triangle consolidating over a year has a message for the relatively longer term-Bullish.Much beyond previous highs and going past year 2001.

The inner triangle is short term bearish. Perhaps the price line has already completed the pattern on the 21st of May and may move down for a short while. Downside targets have been marked on the bar charts.

The minimum downside seems as follows:

a. On the bar chart-Minimum 223 points over 5 days; probable-208 over 13 days; outer limit is 196 points. The period is counted from 21st May.

b.On the line chart-Minimum 232 and probable 215.

I would think from the above that on the low side an intra-day level of 207/208 could be achieved while higher levels could be marked by closing prices.The outer limit of 196 is specified more to accommodate a pattern guideline. Should there be a violation of this level which is  improbable something else and not the pattern depicted on the charts is going on.

While one can think of a few strategies for the short term, the most important message should be understood from the first three charts below-95 long term, 99 channel and the outer triangle. The stock is good for buying and holding.

HDFC bank -Long term chart

HDFC Bank-99 Channel

HDFC Bank-Outer triangle

HDFC Bank -Inner triangle-Bar

HDFC Bank-Inner triangle-Line

Disclaimer

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