HDFC Bank Prediction:
HDFC Bank is at its crucial support
HDFC Bank Prediction Sep and Oct 2023 | Detailed Expert Analysis
1. HDFC Bank Stock Price Levels
All-time high: 1757.50, 52-week high: 1757.50, 52-week low: 1365.00.
HDFC Bank Weekly Opening, Closing, High and Low (18 to 22 Sep)
Week Opening on Monday: 1653.75Week Closing on Friday: 1529.65
This Week High: 1655.00
This Week Low: 1523.75
Weekly Candlestick type formed: A red candle with short wick and long body, which is longer than previous several weekly candlesticks.
HDFC Bank Monthly Opening, Closing, High and Low (Sep)
Month Opening: 1571.00Month Closing: 1528.90
This Month High: 1670.00
This Month Low: 1523.75
Monthly Candlestick type formed: A red candle with a long rejection wick and relatively small body.
2. HDFC Bank Candlestick Chart Analysis
HDFC Bank Daily Candlestick Chart Technical Analysis
As evident in the chart above, HDFC Bank has been range-bound for more than 11 months, starting in November 2022. The stock has been moving in the price range of 1700 to 1530, where the price twice broke out of the channel and again fell back in the range, proving them to be false breakouts. Every time the price gradually moves close to 1700 levels, it has rebounded back again to 1530 levels, and vice versa.
The price of HDFC Bank is once again at 1530 levels, so can it again bounce back to 1700 levels? or will the stock this time give a downside breakout of the channel? But, whatever happens, since the price of HDFC Bank is at the crucial support levels, going long from here might make sense as the stop loss would be less for a longer target.
A breakdown (downside price breakout) from 1500 levels may see the stock coming down to 1450 and 1400 levels.
RSI(14) is at 31.81 which is closer to 20 where share price are usually in the so-called "oversold" range, which may forecast that the HDFC Bank share price may bounce back in the near future for at least a short-term. However, MACD (12,26,9) shows a recent bearish crossover, and the SuperTrend(7,3) indicator has given a recent bearish signal, which may forecast that the price may go further downside.
HDFC Bank Weekly Candlestick Chart Technical Analysis
In the weekly chart, there is a formation of a large bodied red candle which is larger than several past weekly candlesticks. A similar large bodied weekly candle was last formed in the first week of November 2022, more than 10 months back, and it was a green candle then.
The price of HDFC Bank is at a very important support, and according to the SuperTrend(7,3) indicator the price is still in the uptrend in the weekly timeframe, and a weekly candle close of below 1510 will produce a downtrend signal in the weekly chart. Any breakdown from here can see the price of HDFC Bank falling to 1450 and 1400 levels
RSI(14) is at 40.98. Both RSI(14) and MACD (12,26,9) signal lines have made two consecutiive bearish divergences with the stock price movements as can be seen in the chart image above.
HDFC Bank Monthly Candlestick Chart Technical Analysis
In the monthly chart, there is formation of three consecutive red monthly candlesticks. However, the stock price is still in uptrend in the montly time-frame and has made three higher highs and two higher lows since 2020. If the stock price can reverse from current levels or from 1450/1400 levels, the price would continue to make higher highs and higher lows and continue its uptrend journey. It would also make a inverse head and shoulder pattern, which is a bullish chart pattern.
RSI(14) is at 50.76. The MACD (12,26,9) signal line has given a bearish crossver. And, there is a clear appreciable bearish divergence of the MACD signal line with the stock price movement. The HDFC Bank stock price has made a higher high on 06/07-2023 but the MACD signal line has made a lower high, which is called the bearish divergence. HDFC Bank has a very strong support at 1300, a fall below this level is very unlikely.
3. HDFC Bank Open Interest(OI) Analysis for October 2023
Open Interest Chart Monthly Expiry (26 Oct 2023)
Max Pain: 1560
PCR (Put Call Ratio): 0.48
Highest Call Option OI at: 1600 (57 Lakhs)
Highest Put Option OI at: 19300 (23 lakhs)
As on 25 Sep 2023, 03:30 pm.
4. HDFC Bank Stock Prediction For Next Month
Summary
The share price is at an important level in the daily and the weekly time-frame charts, and may lead short-term bounce back. Eventhough the price is in the uptrend in the monthly time-frame, the stock seems to be looking towards lower levels of 1450/1400. That being said, 1300 is a very strong support and it might be very tough for the HDFC Bank share price to break this support (this doesn't mean the share price will reach this level).
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DO NOT COPY REPUBLISH OR REPRODUCE THIS ARTICLE. The text in this article is protected under Indian Copyright Act, 1957 and Digital Millennium Copyright Act (DMCA).
Copyright © NiftyPredictions.com | All Rights Reserved.
