HDFC Bank view of the BUY POSITION CALL

 

MAKE HIGH 1746 19/3/2025 

Technical Analysis of HDFC Bank (1-Hour Chart) BUY 1672 

Key Observations:

Support and Resistance Levels:

Support Zones:

₹1,659.20 (Key support level)

₹1,580.80 (Major support)

₹1,584.15 (Fibonacci 38.2%) – Possible rebound zone

Resistance Zones:

₹1,742.65 - ₹1,767.75 (Resistance cluster, including Fibonacci 61.8%)

₹1,882.00 (Major resistance)

Fibonacci Retracement Levels:

50% Retracement: ₹1,686.30

61.8% Retracement: ₹1,751.40

38.2% Retracement: ₹1,584.15

Price is currently near the 50% retracement level, which often acts as a critical point for reversals.

Trend & Price Action:

The stock recently broke out from a downtrend and is consolidating.

A descending trendline breakout happened earlier, but price is struggling to maintain upward momentum.

If price stays above ₹1,659, it could attempt a move towards ₹1,742+ levels.

Stochastic RSI (Momentum Indicator):

Current Value: Around 43 (pointing downwards).

This suggests the stock is in a neutral to oversold zone.

If the Stoch RSI dips below 20 and turns up, it could indicate a buying opportunity.

Trading Plan:

Entry:

If price stays above ₹1,659 and breaks above ₹1,686, a long position can be considered.

Target (Upside Levels):

First Target: ₹1,742 (Fibonacci 50-61.8% resistance)

Second Target: ₹1,767-₹1,882 (Stronger resistance zone)

Stop-Loss:

Conservative SL: Below ₹1,659 (Strong support)

Aggressive SL: Below ₹1,580 (Major breakdown level)

Conclusion:

A bounce from ₹1,659 can be a bullish signal.

If price breaks ₹1,742, further upside towards ₹1,882 is possible.

A break below ₹1,659 can push the price lower towards ₹1,580

HDFC Bank - Short, Medium & Long-Term Technical View

📌 Short-Term View (Next Few Days to 2 Weeks)

✅ Bias: Neutral to Bearish (until ₹1,742 is broken)

✅ Key Levels:

Support: ₹1,659 | ₹1,580

Resistance: ₹1,686 | ₹1,742

✅ Technical Outlook:

The stock is near the 50% Fibonacci retracement level (₹1,686).

A breakdown below ₹1,659 can push prices towards ₹1,580.

A breakout above ₹1,742 will turn the trend bullish.

✅ Short-Term Strategy:

Bullish above ₹1,686, target ₹1,742-₹1,767.

Bearish below ₹1,659, target ₹1,580.

📌 Medium-Term View (1-3 Months)

✅ Bias: Bullish if ₹1,742 breaks, otherwise range-bound

✅ Key Levels:

Support: ₹1,659 | ₹1,580

Resistance: ₹1,767 | ₹1,882

✅ Technical Outlook:

The stock is consolidating after a downtrend.

If it holds above ₹1,659, an uptrend towards ₹1,767-₹1,882 is possible.

Failure to hold ₹1,659 could lead to a further drop.

✅ Medium-Term Strategy:

Buy on dips near ₹1,659 with SL at ₹1,580.

Sell if ₹1,742 resistance holds, targeting ₹1,659.

📌 Long-Term View (6+ Months)

✅ Bias: Bullish (if ₹1,580 holds and trend sustains above ₹1,882)

✅ Key Levels:

Major Support: ₹1,580 | ₹1,500

Major Resistance: ₹1,882 | ₹2,100

✅ Technical Outlook:

A long-term recovery trend is possible if the price moves above ₹1,882.

If the stock sustains above ₹1,767, it can aim for ₹2,000+.

A break below ₹1,580 will invalidate the bullish long-term outlook.

✅ Long-Term Strategy:

Accumulate above ₹1,659 for targets of ₹1,882 and ₹2,100+.

Stop loss for long-term investors: ₹1,500.

Final Takeaway:

🔹 Short-Term: Wait for breakout above ₹1,742 or breakdown below ₹1,659.

🔹 Medium-Term: Bullish above ₹1,767, otherwise range-bound.

🔹 Long-Term: Bullish above ₹1,882, targeting ₹2,100+.