HDFCBANK has shown small rejections at its weekly support trend line. If it moves upwards it can be traded for 1069, as 1069-1079 is area of strong monthly resistance. If HDFCBANK falls below 1025 comfortably, it will retest 975. So keep close watch and follow the strategy as follows:-
In case of upward move: Intraday traders/Short term traders can take an entry at current market price for a target of 1069. Long term traders should wait for Stock to comfortably close above 1079 or if its retest 975. This is not a good entry point for long term positions.
In case of downward move: Short term/intraday traders can short the stock for target of 975 at 1025.
Intraday traders, keep following for intraday trade opportunity calls and ideas. Will publish them as and when I see a good opportunity in stock movement.
Today HDFC analysis performed excellent. The stock opened exactly at the selling price quoted above and touched intraday low of 993. That was a fantastic move. @jyotiacharyajsp Keep following for more trading calls.
shikhagupta2589
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No it won't! Banking sector in general is in bad shape at the moment. There are quite a number of fundametal reasons as well. Foremost being the budget allocation this year didn't bring anything to strengthen the banks.
But if something that is completely unknown to the world likesome internal scam unveils. In that case I cannot say, but rest assured HDFC has string financials and fundamentals too.
I think its a short term thing, and the entire banking will revive in a bit. Let us see. I hope you are not all invested in HDFC Bank and have a good investment portfolio.