HDFC Bank Ltd - Breakout Opportunity

8月2日Date: 2-Aug-2024
LTP: Rs. 1,659.15
Next Resistances: (1) Rs. 1,721 --> (2) Rs. 1,794 --> (3) Rs. 1,921
SL: Rs. 1,532 on daily close basis

Technical View:
• HDFCBANK is in it's primary uptrend and was recently going through it's secondary downtrend.
• After touching the high of 1,794 on 3-Jul-2024, it has retraced 11% to 1,588.05 level.
• Post retracement HDFCBANK was going through accumulation phase and in last few sessions has given indication of starting a participation phase.
• On 26-Jul-2024, HDFCBANK has broke out from its secondary down trend with high volume.
• On 1-Aug-2024, HDFCBANK has closed above 21 DEMA and 20 DMA. Currently HDFCBANK is trading above 21 DEMA, 20 DMA and 50 DMA.
• RSI has entered buy zone on 1-Aug-2024 and currently trading at 58.16.
• MACD has given bullish cross over on 2-Aug-2024 and is trading at 1.09.
• Looking good to start a new swing from here.

Disclaimer: I am not a SEBI registered analyst/consultant and not recommending anyone to take any BUY or SELL position in stock market. Investing in stock market is risky and one should do a self analysis and validation before investing in stock market. My ideas are published for learning purpose only and are available to everyone at no cost/charge.