HDFC BANKHDFC BANK looking good for a long , with just 3% of SL max and a good reward if goes as expected , SL is tight and small and am expecting the bank to make new all time highs very sooner
HDFCBANK
HDFC BANK - an observation on a weekly timeframeThe fall on Friday (5 May 2023) was a news driven event. Need to see the price action and how it shapes up during the week going forward.
Might see price consolidation between 1625 and 1725. Breakout and close above 1725 would be create an upward momentum.
Support around 1560 - 1500.
Bullish over long term. However, always keep a strict stop loss between 5-8%.
Note: Personal analysis. Not a buy/sell recommendation. Do consult your registered financial advisor.
PostMortem on BankNifty Today & Analysis of 05 MAY 2023Finally some volatility to keep the bears alive. This entire week the technical analysis was saying keep buying. See how a fundamental change can alter the sentiment.
"MSCI tweaks spook HDFC twins, merged entity may see $150-200 million outflows"
The MSCI news hit just before the start of the day and NSE:HDFCBANK and HDFC were down 5% in pre-open. The biggest loser was NSE:CNXFINANCE index compared to NSE:BANKNIFTY & NSE:NIFTY during the preopen session.
Even after such bad news the other banks did hold banknifty up till 12.55 after which the banks had a near free fall.
The open was gap down, but it recovered very neatly till 10.20, there was volatility visible in CE options premium, but PE premiums were still under control. Obviously the near ATMs had huge spikes as the gapdown itself was an uncertainty in itself.
The pattern formed after 10.20 was a perfect 2 legged down-fall. The 2nd leg had a depth of 1.6% ~ 695pts. Banknifty was holding its ground near the 43253 support at the start as well as from 11.05 to 12.55. In this period of 2 hours the options premiums started decaying.
Right after the 1pm move there was a broad-based selling on other banks as well. And what it did was to ensure banknifty's fall was matching the Finnifty's percentage drop. Its true that both of them fell exactly 2.34% today. However the HDFC which fell 5.58% is just present in Finnifty.
Somehow to the naked eye I am not convinced how banknifty had an equivalent fall as finnifty. The only positive contributor to finnifty was SBILIFE which has a small weightage.
Seems like IndusInd & Federal bank which has weightages of 5.4% and 1% would have made the difference. I am still not convinced :(
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15mts TF is showing banknifty has broken 2 supports 43253, 43012 today and was stopped at 42576 support.
This is the first time in many sessions that we had a decent retracement. Since its fundamental/news driven, the technical analysis wont really work here.
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1hr shows the top formation quite clearly. The nearest support of 42576 if broken will open up a free-fall gap of 952pts till the next decent support at 41624. If that happens we can start taking bearish trades.
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Nifty50 chart pattern is not bearish even after the blip today. The nearest support is at 17976 and the next support is 3% lower at 17429. Interestingly this 3% gap between 2 SR zone is similar to banknifty as well showing a vulnerability.
If the indices can hold its ground very well we will not have a snowballing effect.
BANKNIFTY : Expecting a major movement to the downsideBankNifty will reach 45,000 before a major movement to the downside. Many regional bank stocks in United States are crashing.
HDFC BANK shortHDFC bank is looking good for a short , short to medium term swing trade , with small SL just above the candle , need breakdown and price has to sustain below supports of 1670, RR looks good and banknifty looks overheated
hdfc bankhdfc down side target 1550
hdfc bank complete 5 wave upside and correction start wave a,b,c
HDFC BANK chart studyHdfc bank spot cmp 1720
Last two swing high for the counter on weekly time frame are around 1725 and 1722 levels, from where counter have faced some selling pressure .
Current price also in same supply zone, if we get weekly close above 1725 levels, and a follow through, counter can move on to new bullish zone.
If fails to move above 1725 or sustain above 1725 levels, reversal from current levels possible.
keep watch
HDFC Intraday tradeLong HDFC above 1696 after the BO of TL. Target 1700-1705 with SL 1688. BULLISH MOMENTUM IN THE STOCK.
HDFC Target HDFC create inverter head and shoulder
break out Nekline
buy signal
Disclaimer
No buy and sell recommend
Hdfc Bank Monthly ChartThe stock is trading within a triangle pattern on monthly chart.
The high is tasted multiple time and chances are high to breakout near future.
Immediate resistance is placed at 1733.
I have mentioned all the important levels in the chart.
Like, Follow and Share.
HDFC Bank Investors, Beware! 🚨Attached: HDFCBANK/ NIFTY 50 Weekly Chart as of 28th April 2023
The Chart above shows Potential Underperformance lies ahead for HDFC Bank. Investors are better off Avoiding/ Exiting the Stock unless they want to Underperform the Broad Market from here onwards. No alpha is to be made by Holding on/ Buying the Stock at the Current Price
This Ratio Chart points to:
- Lower Highs
- Breakdown Retest
- ABC Corrective Wave completion at 1.618
- Downtrend on this Ratio Chart likely to resume
B-nifty gives Breakout B-nifty gives Breakout of trendline. Chart also seems bullish. it may test 43000 soon.
Bulls Can Pull Back Bank Nifty reversed today from strong resistance at (42725-750 ) approx.
Check resistance marked in red sign post
Bulls may flex tomorrow as well a good Retest Entries can be made ( Marked with path tool in green )
HDFC BANK H&S PATTERNHDFC Bank form H&S pattern on daily chart, if break and sustain below 1658 it may test 1636,1616 soon
Bearish EngulfingA bearish engulfing pattern is a technical chart pattern that signals lower prices to come. The pattern consists of an up (white or green) candlestick followed by a large down (black or red) candlestick that eclipses or "engulfs" the smaller up candle. The pattern can be important because it shows sellers have overtaken the buyers and are pushing the price more aggressively down (down candle) than the buyers were able to push it up (up candle).
Script = HDFC Bank
Time Frame = 1 Day
HDFC BANKWaiting for a daily closing above 1725....
stock got rejected thrice from it... hope this time it will break it
HDFCBANKHDFCBANK:- Cup and handle pattern has formed, wait for breakout, plan something only after breakout, till then keep an eye
Hello traders,
As always, simple and neat charts so everyone can understand and not make it too complicated.
rest details mentioned in the chart.
will be posting more such ideas like this. Until that, like share and follow :)
check my other ideas to get to know about all the successful trades based on price action.
Thanks,
Ajay.
keep learning and keep earning.
IDFC first BankIDFC first Bank trading in triangle range. It faced Major resistance 64. if correction exist it may test 35 soon as per tringle pattern.
HDFC - Short TermHarmonic - Bearish Bat formation
Need to close above 1579 and sustain for 1 hr.
Tgts - 1590 - 1603 - 1612 - 1632
Elliot Wave - Currently in C wave of subordinate ABC wave of a larger B wave. Sharp correction once C is completed.
HDFC BANK TARGETS based on current and fresh S/R LEVELSNSE:HDFCBANK can short hdfc bank till fresh support level and wait for it to be broken for further fall, best to book at fresh support and re enter short position once it gets retested as resistance , target can be last tested support area, avoid short if current resistance is broken.
Sell HDFC Bank HDFC Bank has reached monthly month resistance area once again and I do not think this bank will outperform in results....Its clear Sell in Bank Nifty and DFC Bank now
HDFC STOCK BIG BREAKOUT.Great BO with bullish candle now HDFC stock is consolidating for a while . This happens when expected for a big move calm before the storm. Stock is forming the flag pattern. Can take entry after the BO of the pattern with Good risk to reward trade.Keep the stock in your watch list. This is for your educational purpose only.
