Business

HDFC Life Insurance India stocks Elliott Wave technical analysis [Video]

HDFC Life Insurance (1D chart) Elliott Wave technical analysis

Function: Larger Trend Higher (Intermediate degree Wave (3), orange).

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((iv)) Navy.

Details: Minute Wave ((iv)) Navy is looking potentially complete around 640 within Minor Wave 3 Grey of Intermediate Wave (3) Orange. Potential upside target is seen towards 843 mark.

Invalidation point: 610.

Chart

HDFC LIFE INSURANCE Daily Chart Technical Analysis and potential Elliott Wave Counts:

HDFC LIFE INSURANCE daily chart is indicating a progressive rally, which could be unfolding Minute Wave ((v)) of Minor Wave 3, within Intermediate Wave (3) against 610 mark. A major support is seen around 510, which is Minor Wave 2 termination, and prices must stay higher to keep bullish count intact.

The stock had earlier dropped through 458 lows around March 2023, which is marked as Intermediate Wave (2) Orange. An impulse rally towards 710 is marked as Minor Wave 1, while Wave 2 unfolded as a combination.

If the above holds well, prices should ideally stay above 610 mark to keep the impulse structure intact as Intermediate Wave (3) unfolds.

HDFC Life Insurance (four-hour chart) Elliott Wave technical analysis

Function: Larger Trend Higher (Intermediate degree Wave (3), orange).

Mode: Motive.

Structure: Impulse.

Position: Minute Wave ((iv)) Navy.

Details: Minute Wave ((iv)) Navy is looking potentially complete around 640 within Minor Wave 3 Grey of Intermediate Wave (3) Orange. Potential upside target is seen towards 843 mark. A drop below 610 might require a re-assessment though.

Invalidation point: 610.

Chart

HDFC LIFE INSURANCE 4H Chart Technical Analysis and potential Elliott Wave Counts:

HDFC LIFE INSURANCE 4H chart is highlighting the sub waves since Minor Wave 2 Grey terminated around 510 in June 2024. Minute Wave ((iii)) of 3 carried through 760 mark and Minute Wave ((iv)) might be complete around 635-40 range. If correct, prices should turn higher from here.

Alternatively, if prices continue to drop below the 610 mark, we would consider changing the proposed wave degree against Minor Wave 2 lows.

Conclusion:

HDFC LIFE INSURANCE is now progressing higher within Minute Wave ((v)) of Minor Wave 3 within the Intermediate Wave (3) Orange against 610 lows.

Elliott Wave analyst: Harsh Japee.

HDFC Life Insurance Elliott Wave technical analysis [Video]

As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.

Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.

The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.

Related Articles

Back to top button