HDFC Bank – Intraday as well as Long Term Opportunity

HDFC Bank is sitting nearly on its 200 SMA (see chart at bottom of this post) and also roughly at its horizontal support. Tomorrow (10Aug) there will surely be a bounce back and this share, among others, should perk up a bit. Though it is very much possible that the market may slide back again after a few sessions as the medium term bias does look -ive. But HDFC Bank is a good thing to buy around these days if you have sticky money and can wait on it for a few years.

Hell, even if you have 5k, 10k, anything at hand and have a good 10+ years of working life ahead of you – please do buy. You don’t need expert advise in times like these. Another tip is that you are the kind that uses Equity Linked Savings Scheme (ELSS) for their tax saving purposes, please buy now for the current FY. Unless you believe that the market has started a nice, long downward slide, there is no point in doing a SIP if you can catch plunges like these. Lets wait for the bounce tomorrow/day-after and then if the market droops down a bit more, that could be a good time to buy. While some people are feeling relieved that the 5,000 level was held, some others are of the opinion that some more depression is left in the market and that it could fall down to 4700 – 4800 territory.

One silver lining: stock of Allcargo Global Logistics Ltd. It bounced up 4% today!! Pretty sure it will go up tomorrow as well – lets see. I own the stock 😉