Is this right time to take a position in third most valued stock
The third most valued stock in Indian market HDFC Bank Ltd, LTP ₹1529 as on the date 22/09/2023.
The reason behind dragged the stock down trend because of institution & analysts forecasting decline in estimates revenue for FY24&FY25 due to a fall in the Marge’s bank net worth and accounting changes, increasing NPLs for the merged entity (HDFC AMC), a fall in net interest margin and weakness in return on asset(RoA).
As per technical parameters currently stock is trading in very important zone’
As of now trend is Neutral and it’s price hold above a very strong support zone,
So a 7.5-9% moves possible only when it enter in trend as well as break important levels.
As per my technical understanding if price hold above 1516.56 level on closing basic then only long positions can be carry. Other wise if the stock break 1500 level then down trend upto 1400/1350 can be possible. And one more thing remember that price also going to touch the 200 EMA in this 1400-1350 zone if it take a hold above 200 EMA then also it’s good price for go long.
And upside move only possible if price hold above 1560 levels then upto 1700 moves possible.
It’s not a recommendation for any buy/sale. But as of now a small swing trade possible buy above 1516.65 and took a SL below 1514.17 only for risk takers.
Thank you everyone
Good luck traders
The reason behind dragged the stock down trend because of institution & analysts forecasting decline in estimates revenue for FY24&FY25 due to a fall in the Marge’s bank net worth and accounting changes, increasing NPLs for the merged entity (HDFC AMC), a fall in net interest margin and weakness in return on asset(RoA).
As per technical parameters currently stock is trading in very important zone’
As of now trend is Neutral and it’s price hold above a very strong support zone,
So a 7.5-9% moves possible only when it enter in trend as well as break important levels.
As per my technical understanding if price hold above 1516.56 level on closing basic then only long positions can be carry. Other wise if the stock break 1500 level then down trend upto 1400/1350 can be possible. And one more thing remember that price also going to touch the 200 EMA in this 1400-1350 zone if it take a hold above 200 EMA then also it’s good price for go long.
And upside move only possible if price hold above 1560 levels then upto 1700 moves possible.
It’s not a recommendation for any buy/sale. But as of now a small swing trade possible buy above 1516.65 and took a SL below 1514.17 only for risk takers.
Thank you everyone
Good luck traders