HDFC Bank: Key Upside Levels Achieved, Now Reacting at a Strong HDFC Bank has completed its major upside move and is now reacting sharply near the ₹1020 resistance zone, a level that has previously acted as a strong supply point.
Price action shows momentum fatigue at this zone, and the recent ₹91 lakh RBI penalty has added additional pressure on sentiment.
The penalty was issued for multiple compliance lapses — including inconsistent loan benchmarks, non-permitted subsidiary activities, and outsourcing KYC checks.
With the stock hitting a major barrier and news-driven sentiment turning cautious, the probability of a short-term correction or healthy pullback has increased.
The broader structure remains positive, but buyers will need fresh strength to clear the ₹1020 level convincingly.
I’ll be watching how price behaves around this zone for the next directional move.
