HDFC Bank - Bottomed out ?

After a month long consolidation from 27 July, looks like HDFC bank NSE:HDFCBANK may have bottomed out.

The stock has underperformed for the past month even as some other banks like Axis and ICICI have made new highs.

I can see that it has taken long term trendline support around 2060 zones and also formed a Double bottom on the daily chart .

The stock also seems to be reversing from the 61.8%-78.6% retracement zone of its previous upswing.

Looks like a very good buy candidate for successive targets around 2113 and 2140 with a small stop loss.

Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.


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