HDFC BANK BUY POSITON CALL

 

The chart of HDFC Bank Ltd. on the NSE is analyzed with Fibonacci retracement levels and RSI (Relative Strength Index) to determine short-term and long-term trade targets and stop-loss levels.

Short-Term View (Intraday to Few Days)

• Current Price: ₹1,676.20
• Support Levels:
  • 1,672.70 (Fibonacci 0.618 retracement) - Immediate support
  • 1,669.75 - 1,664.05 (Fibonacci 0.5 retracement) - Strong support zone
  • 1,655.75 (Fibonacci 0.382 retracement) - Major support (ideal stop-loss)
• Resistance Levels:
  • 1,679.20 - 1,684.20 (Fibonacci 0.786 retracement) - Strong resistance zone
• Target for Long: ₹1,684.20 (First target)
• Stop Loss for Long: ₹1,664.05 (Below Fibonacci 0.5)

Long-Term View (Few Weeks to Months)

• If the price sustains above ₹1,684.20, next upside target could be ₹1,700+.
• If the price falls below ₹1,655.75, the next downside target could be ₹1,640-1,620.
• RSI around 50 suggests a neutral zone; watch for overbought (>70) or oversold (<30) conditions.

Conclusion

• Bullish (Long Entry): Above ₹1,679-1,684 zone, with targets of ₹1,700+.
• Bearish (Short Entry): Below ₹1,672, with targets of ₹1,664-1,655.
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Short-Term View (1-3 Months):

• Moderate Bullish: The stock price has shown a recent uptrend, breaking above key resistance levels. This suggests positive momentum in the short term.
• Key Levels: Keep an eye on the 1,680 level as immediate resistance. A sustained break above this level could signal further upside potential. On the downside, 1,670 and 1,650 could act as support levels.

Long-Term View (6-12 Months):

• Moderately Bearish: The long-term trend appears slightly bearish, with the price making lower highs and lower lows over a longer period.
• Key Considerations: The overall market sentiment and economic conditions will play a crucial role in determining the long-term direction of the stock.

Important Notes:

• This analysis is based solely on the provided chart and should not be considered financial advice.
• Fundamental factors, such as the company's financial performance and industry trends, should also be considered for a comprehensive investment decision.
• It is always recommended to consult with a qualified financial advisor before making any investment decisions.

Where to find more information:

• Reliable financial news sources: Keep up-to-date with the latest news and analysis on HDFC Bank from reputable sources like The Economic Times, Mint, and Bloomberg.
• Financial research platforms: Platforms like Refinitiv, Bloomberg, and Yahoo Finance provide detailed financial data, analyst ratings, and news on HDFC Bank.