HDFC AMC | Reaction for providing liquidity to FMPs temporary?
With the news of HDFC AMC providing liquidity up to 500 crores to FMPs, the stock has fallen 6% at a point intraday. Price has temporarily bounced off from 38% FIB of previous swing. That level also being round number of 1800, it could well act as a support. Do notice the rising trendline. Chances are that the candle close could be above the trendline. Hence, it doesn't look good to initiate new shorts unless 1800 is broken.
In fact, from Risk-Reward perspective its a good bargain to go long with stops below 1800.
In fact, from Risk-Reward perspective its a good bargain to go long with stops below 1800.
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