HDFC Bank has cut below a rising Trendline showing weakness along with overall market. Upcoming support area between 2400 & 2410 is very crucial. Any level to which the price could react as support should be the mentioned range around 2400. Below that level, the stock could well drag down to 2320-2340 region.
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As we observed in our previous analysis (attached below) of the stock, it bounced off from the support zone. The stock has now broken out of a range making it a bullish continuation pattern i.e. Bullish Flag. Hence we can expect HDFC Bank to hit 2640 in coming days as suggested by the pattern.
(Disclaimer: Our charts and contents are just for the purpose of...
HDFC Bank has been in a consolidation phase for a while. Currently the stock is at range bottom wherein a trendline support coincides. The price also being a round number, it increases the probability of stock moving upwards, at least to 2460.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not...
