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Vishal Malkan, Malkansview.com, says that in case of HDFC Bank, “the intermediate low has been made at around Rs 1,380 and we can look at rallies back to Rs 1,485 to 1,500 in the next few trading sessions. It could be a good trading call. Again, from a long-term perspective, it has to cross many hurdles before it gets into that bullish mode on the monthly chart. But at least for the daily chart, we can have a good swing trade up to 1500.”

What levels to watch out for in Bank Nifty? A grudging move in HDFC Bank seems to be taking the Bank Nifty higher?
Vishal Malkan: Yes, Bank Nifty was struggling with 47,000 since the last few weeks. We have seen that it has not been able to cross that. Today, it looks quite positive.. Once it closes above that 47,100 mark, we can easily look at another 600 to 700 points which could be a couple of days’ play for Bank Nifty.

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What are your top stocks to watch out for on your radar or any setup which you are studying on your charts?
Vishal Malkan: One of them would be NTPC, which is showing good momentum today and it has taken out that high of 340 in the last couple of days and after a good rally, it took a halt and now it is resuming the rally. So, there is further momentum and we can look at targets of around Rs 360 -365 in the next few trading sessions.

Meanwhile, HDFC Bank is at Rs 1440. It made a low of around 1400. Do you think a permanent base formation has happened now and can we grow above that?
Vishal Malkan: We can at least say that the intermediate low has been made at around Rs 1,380 and we can look at rallies back to Rs 1,485 to 1,500 in the next few trading sessions. It could be a good trading call. Again, from a long-term perspective, it has to cross many hurdles before it gets into that bullish mode on the monthly chart. But at least for the daily chart, we can have a good swing trade up to 1500.

Swan Energy is a stock which has been doing well for the last six months. Up till now, it was an LNG company. Now with the acquisition of Reliance Naval, they are diversifying into a defence yard as well. That is one of the fundamentals. But what do the charts tell you? How positionally can we look at it? Where does the stock go from here?
Vishal Malkan: The stock has done stupendously well in the last six months, if you see a good breakout happened at 350 six months back, and we are more than double in that stock right now. So, those who are holding, that is like a dream run, but for those who want to get into it right now, the risk reward ratio, as we always mention, is not in favour.

So, when you want to buy a stock which you want to hold on for a long period of time, you need to buy near support or near a retracement and right now it is trading at almost near the all-time highs. So, I would wait for a dip, maybe around Rs 710, 700 in the next few trading sessions and then look for a buy signal rather than getting at the topmost price of the year.

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