HDFC bank and AXIS bank are struggling to move higher from February's high where the SBIN and ICICI made 20-30% higher from February high.
As there is no recent events and could expect the stock move sideways for next two months.
Range - 1370 ~ 1620
Support - 1350-1400
Resistance - 1550-1630
1. made evening star hourly candle
2. made double top at breakout /retracement level
3. made triangle pattern now at top
4. weekly pivot R1 matching with double top
5. RSI is making negative divergence on daily time frame
HDFC Bank (My Observation as on 19-09-2021)
1. On weekly Chart HDFC Bank seems to be following depicted harmonic pattern that has TGTs as 1720 (Min) and 1820.
2. 1516 being B/O level of this pattern and encountered with rising channel upper band resistance during I week of September.
3. Revered from top of the channel and again heading the same upward...
Hdfcbank looking good to go long, stock's wave structure suggests that the stock is in wave 5, and within wave 5, wave (2) appears to be completed, and now Wave (3) of 5 should play out, the daily macd indicator turned bullish and done positive crossover and rsi above 50 with uptick, one can go long at these levels or in dips with mentioned key levels in chart....
For some days HDFCBANK is moving in channel. Presently it at the lowest point of the channel, it might show a bullish move tomorrow for Intraday.
Just my observation, take you trade as per your understanding.
The scrip is currently taking dual support on 20 week MA as well as pandemic lows trendline. Also the company is about to declare its result on the weekend , so it can be a good buying @ support levels for above mentioned targets with prescribed stop losses
Hdfc is in a good channel pattern and has shown good strength near its demand zone if tomm it break the green trendline we can go long for a good target as RBI has also released good FSR July 2021.
Be a smart trader not a horny one, wait for breakout of green line and let it retest or show show good volume
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Hdfcbank hourly chart has bat pattern formation and prices did bounce from its prz area, hence if it holds these support levels, we might see prices going upwards in the near term towards 1500 levels.
The stock would be very bullish above 1500 levels.
The entire analysis would be negated below 1450 levels and would need analysis revision.
HDFC BANK has seen a very good trending move yesterday and it also went above and also closed above the supply zone (1415-1425), which would now act as a demand zone, hence any dip in the stock would most likely be absorbed soon, as long as stock is trading above 1410 levels.
Immediate resistance is around 1480-1490 levels.
This trade offers a good risk-reward...