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On a daily Chart, the stock has given a breakout of 745 level and made a life-time high at 775 on 2nd Sept 2021. But it showed profit booking from the top and made a low around 689, which is, 61.8% RL of its previous up move which indicated bounce-back movementin the counter. The stock has formed a "Bullish Hammer” candlestick pattern, which occurs at the bottom of the downtrend and indicates areversal movein the prices. Moreover, the price has pulled up after taking support at the lower “Bollinger Band” formation, which indicates further recovery in the counter. Furthermore, the stock has been trading with a strong support of 100 Daily Moving Average which is placed at 696 level which shows a positive trend for the time being. Adaily momentum indicator RSI and Stochastic both have shown positive crossover which adds more bullishness tothe price. On an Hourly Chart, the stock is about to give a breakout of the Neckline of its Inverse Head & Shoulder formation, which is a bullish reversal pattern and indicates a robust upside movement inthe counter Hence, based on the above technical structure one can initiate a long position in HDFCLIFE at CMP 706 or a fall in the price till 695 levels can be used as buying opportunity for the upside target of 760-820 while the support is placed at around 675 or 660 levels so a stop loss of 660 should be placed at lower levels.

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