Weekly Chart:
In the weekly chart, we can see that the market fall in March has made HDFC LIFE retest the price level of Rs.341, its major support and quick recovery of 150 points from the very next week has brought the stock to its resistance zone at 500.
Now, for the last 2 weeks, it is trading between the Fibo levels and attempting to break the resistance zone which coincidentally is 61.8% a Golden Fibonacci Ratio.
Meanwhile, the stock has made a bearish wedge pattern in the daily chart which brings us to the bearish target of 450 and then further to 420 if the latter is breached.
Daily Chart
According to the Daily chart, we can see that from 8 April 2020 the script is in the range of 460-510 and respecting the resistance zone during the recovery phase after the major fall, and as discussed earlier a bearish wedge pattern is seen.
The chart indicating the pattern discussed is attached below.
Stay tuned for more updates!
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