It is been observed on the daily chart that the price action is forming lower highs and lower lows from Higher Highs and Higher lows, indicating a change in trend. It is further dip down and next support levels.
Target 1- 1725
Target 2- 1700
SL - 1775
HDFC Bank has been trading in a Channel, hourly time frame. With Stock falling again from the top of the channel, looks like stock will slowly move towards 1630. One can short at current levels with stop at 1665 for a target of 1630.
what i think that every time the stock tries to come down bull knocks the bears out of the market.but if there is any bearish engulfing pattern or you can go long if stock shows some bullishness. but i clearly se it it is making support at MA
HDFCBank might have completed its correction at 1224 (end of 5th downwave). New uptrend quite possible, may go for double top at 1320 coinciding with Nifty's DT at 8980-9000 & Bank Nifty's 20600. Let's see. Today's closing should be above 1240 (89 DMA) making hammer on daily charts & with upside tomorrow resulting double hammer on weekly charts. Long positions...
After trending channel breakout, the price action has got into expanding triangle. It shall breaks down towards previous resistance area and confirm it with new support levels.
Target: 1205-1200
SL: 1250
HDFC Bank Limited (the Bank) is a holding company. The Bank offers a range of banking services covering commercial and investment banking on the wholesale side and transactional/branch banking on the retail side. It also offers financial services. The Bank's segments include Treasury, Retail banking, Wholesale banking and Other banking business. The Treasury segment primarily consists of net interest earnings from the Bank's investment portfolio, money market borrowing and lending, gains or losses on investment operations and on account of trading in foreign exchange and derivative contracts. The Retail Banking segment serves retail customers through a branch network and other delivery channels, as well as through alternative delivery channels. The Bank provides its corporate and institutional clients a range of commercial and transactional banking products. The Other banking business segment includes income from para banking activities.
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BSE:HDFCBANK
