HDFCBANK
is taking a breather on its 200-weekly moving average – the go-to spot for top-notch stocks when they are feeling low. Good stock generally rest, refresh, recharge and come back with a vengeance from this level. This is a special zone – also called the Iron Gate or the Citadel. Only twice in history has HDFC Bank hung out in this zone (2008, 2020). Check out the circled moments on the chart.
If you are in it for the long haul, this could be a great value-buying opportunity to pick a piece of India's banking giant.
Here's the scoop: chances are high (not guaranteed, though) that the stock is gearing up for a bounce from here.
Do consult your Financial Advisor before taking a jump!
#HappyInvesting
