HDFC BANK LTD
open-1791--High-1794--Low-1764.65—Close-1768.65 on 3.7.2024.
Support:1757.90/1716.95/1709.25/1706/1683.80/1679/1643.15.
Resistance: 1794/1865/1908/1955/2001/2053/2151/2395/2545.
(Bold and underlined figures are most important)
It has give an upside breakout today from its previous all-time high of 1757.50 which it made on 3.7.2023, it is a very positive and bullish sign and it is into new territory now and if it sustains the breakout on the closing basis then the upside target could be 1794---1865---1908---1955---2001---2053---2151.Please note that even if it moves below the breakout point of 1757.50 but as long as it holds 1679 levels chances of up move will be alive, but sustained break below 1679 will push it into correction mode and can drag it down.
In view of the above observation, it is suggested that investors can accumulate the stock now or on the decline at appropriate support points but not below 1679 with a stop loss of 1640. The stock has the potential of good appreciation in the long run.
NOTE: - It is a technical assessment of the stock as of now, the
technical interpretation changes with the price movement and time, therefore it
has to be reviewed at regular intervals, furthermore investors are advised to look into
fundamental, financial details of the company because that too keeps on
changing and last but not the least management perception for the future of the
company before taking investment decision.
Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.
Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Note: Price stated here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.