HDFC Bank – Rising Wedge Breakdown Signals Bearish Outlook
📊 HDFC Bank Ltd – Daily Chart Analysis
🔹 Pattern Formation
A Rising Wedge pattern has developed on the daily timeframe.
The stock was in a strong uptrend since March, consistently forming higher highs and higher lows.
However, in recent weeks, the price struggled to sustain above the ₹2,025 – ₹2,050 zone, showing signs of exhaustion.
The wedge support has now been broken, with price closing near ₹1,964, confirming weakness.
Noticeable selling volume is accompanying the breakdown, strengthening the bearish case.
Lack of strong buying activity suggests buyers are losing control.
🔹 Key Levels to Watch
Immediate Resistance: ₹2,000 – ₹2,025 (any move above this will invalidate the bearish view).
Immediate Support: ₹1,950-55 (already tested, may break further).
Next Downside Levels: ₹1,925 → ₹1,900 → ₹1,875.
🔹 Trade Plan
📉 Short Bias: Below ₹1,975 with SL above ₹2,025.
🎯 Targets: ₹1,925 / ₹1,900 / ₹1,875.
📈 Invalidation: If price closes above ₹2,025 with strength, wedge breakdown fails and bullish trend may continue.
🔹 Pattern Formation
A Rising Wedge pattern has developed on the daily timeframe.
The stock was in a strong uptrend since March, consistently forming higher highs and higher lows.
However, in recent weeks, the price struggled to sustain above the ₹2,025 – ₹2,050 zone, showing signs of exhaustion.
The wedge support has now been broken, with price closing near ₹1,964, confirming weakness.
Noticeable selling volume is accompanying the breakdown, strengthening the bearish case.
Lack of strong buying activity suggests buyers are losing control.
🔹 Key Levels to Watch
Immediate Resistance: ₹2,000 – ₹2,025 (any move above this will invalidate the bearish view).
Immediate Support: ₹1,950-55 (already tested, may break further).
Next Downside Levels: ₹1,925 → ₹1,900 → ₹1,875.
🔹 Trade Plan
📉 Short Bias: Below ₹1,975 with SL above ₹2,025.
🎯 Targets: ₹1,925 / ₹1,900 / ₹1,875.
📈 Invalidation: If price closes above ₹2,025 with strength, wedge breakdown fails and bullish trend may continue.
Note
Next Downside Levels: ₹1,925 → ₹1,900 DoneAs HDFC splits 1:2 chart is not updated
Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.