After a month long consolidation from 27 July, looks like HDFC bank
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.
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.