HDFC Life study

HDFC life Stock to me seems to  be a good opportunity for a swing trading by looking at the chart.

On 23rd Feb2023, could see that the price dipped to the previous support that it took through a boring candle and then jumped. However; before doing this it also had a massive fall in one day which meant that some one has tried to sell the stock and is a huge deal.

Secondly since it jumped just after taking support meant that the buyers are also participating and hence selected this stock to watch.

26th February 2023 : kept watching the stock for another 3 days and could see that it has entered the previous boring candle zone and is now going to either form an exiting cancel or series of boring candles before any action happens. So since after 3 days we could see that it has entered. I decided to keep a watch on this stock

5th March 2023: As per the observation and my experience I could see that the price has given series of boring candles for a few days and I am not yet into the decision mode to buy this stock. However; I have this stock in my study radar to buy .

8th March 2023: Could see a recovery candle with volume and also breaking out of the range from the boring candles also at the bottom we see green volume higher than previous range. So now I have decided to buy this stock. But just before we buy it. We will also look at the fundamentals of this stock.

Current Price: ₹495 

Book Value : ₹57.4

Poitroski score : 5.00 Still in watch mode 

Graham Number : ₹90.80 ( Best buy price)

Promoter Holding: Decreased in last 3 years 

PE : above 20

This means that will still wait for the price to go down and find a different support level. Let's wait and watch