Range-Bound Between Key Supply & Demand Zones

🏦 HDFC Bank Ltd – Range-Bound Between Key Supply & Demand Zones 📊

Timeframe: 15-Minute | Exchange: NSE | Date: May 6, 2025
CMP: 1,929.00



🔴 Retested Supply Zone: 1949.60 - 1958.40
This zone previously acted as resistance after a sharp fall.
Price revisited the zone but was rejected, indicating potential selling pressure.
A breakout above this level could trigger bullish continuation.



🟢 Possible Demand Zone: 1898 - 1891.80
Price rebounded from this zone earlier, showing possible accumulation by buyers.
Not confirmed yet with multiple tests, but worth watching for potential support.
Breakdown below this may open the door to further downside.



📌 Current Price Action
HDFC Bank is currently consolidating between these two zones.
No clear trend yet; price is oscillating sideways.
Volume is decreasing, indicating lack of momentum in either direction.



📈 Levels to Watch
Breakout Zone: 1,959+
Breakdown Zone: 1,890-



🔍 Observational Bias
Bearish Bias: If price revisits 1949.60 - 1958.40 zone and shows rejection, potential short setups may emerge.
Bullish Bias: If price retests 1898 - 1891.80 with bullish confirmation, long trades may be considered.