HDFC Bank SELL

 

This chart is for HDFC Bank Ltd. on a 5-minute timeframe, showing potential trading signals and technical analysis features like:

1. Current Price and Trend

The price is around ₹1,692.05.

It is in a downtrend, as indicated by the falling price and trendline.

2. Support and Resistance Levels

Key resistance levels: ₹1,702.30, ₹1,706.45, ₹1,713.75, and ₹1,723.00.

Support levels: ₹1,689.20, and the current level of around ₹1,692.

3. Fibonacci Levels

Fibonacci retracement shows important levels:

0.382 level: ₹1,702.30.

0.5 level: ₹1,698.45.

0.618 level: ₹1,694.65.

The price is close to the 0.786 Fibonacci retracement, which indicates possible support around ₹1,689.20.

4. RSI (Relative Strength Index)

RSI is currently at 25.14, indicating oversold conditions. This suggests the potential for a bounce or reversal in the short term.

Trade Recommendations:

Short-Term (Intraday or 1–2 days):

Buy if the price breaks and sustains above ₹1,694.65 (0.618 Fibonacci level).

Target: ₹1,702.30 (0.382 Fibonacci level) or higher.

Stop-loss: ₹1,689 (0.786 level).

Sell if the price falls below ₹1,689.

Target: ₹1,680.

Stop-loss: ₹1,695.

Medium-Term (Few weeks):

Bullish if the price stays above ₹1,702 for several days.

Target: ₹1,713–₹1,723 levels.

Long-Term (Months):

If the overall trend turns bullish and the price stays above ₹1,723, the long-term view would remain positive.

View:

Short-Term: Weak (oversold but needs a breakout).

Medium-Term: Neutral to bullish if resistance levels are broken.

Long-Term: Bullish if the price breaks ₹1,723.