HDFC Bank is testing a long-term resistance zone on the monthly chart, around 1000–1030. This level has rejected the price multiple times in the past, so a clean breakout on the monthly candle carries weight.
The chart shows a rising trendline from 2020 acting as support, and price is currently squeezing between the trendline and the horizontal resistance. This type of compression usually leads to a decisive move.
A monthly close above 1070 will confirm the breakout and open space for higher levels. If the candle rejects again, it can slip back into the range.
Breakout Confirmation: Above 1070 monthly close
Upside Zones: 1200, then 1350
Invalidation / Stop Zone: Below the rising trendline (approx 920–940 zone)
Why It Matters: Breakouts on higher timeframes (like 1M) tend to lead to multi-month trends.
This is not a buy/sell call — simply highlighting a major structure shift developing on the long-term chart.
The chart shows a rising trendline from 2020 acting as support, and price is currently squeezing between the trendline and the horizontal resistance. This type of compression usually leads to a decisive move.
A monthly close above 1070 will confirm the breakout and open space for higher levels. If the candle rejects again, it can slip back into the range.
Breakout Confirmation: Above 1070 monthly close
Upside Zones: 1200, then 1350
Invalidation / Stop Zone: Below the rising trendline (approx 920–940 zone)
Why It Matters: Breakouts on higher timeframes (like 1M) tend to lead to multi-month trends.
This is not a buy/sell call — simply highlighting a major structure shift developing on the long-term chart.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.