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HDFC Bank Technical Analysis #10: Buy | Target Rs 2220 | Arijit Banerjee

OUR RECOMMENDATION

CMP#2137.45
IdeaBUY
Buy Range2100 – 2140
Target2220 – 2300
StopLoss*2000
Duration15 – 20 Trading Sessions
Potential Return^4 – 8%
CMP#IdeaBuy RangeTargetStopLoss*DurationPotential Return^
2137.45BUY2100 – 21402220 – 2300200015 – 20 Trading Sessions4 – 8%

# CMP on Dec 20, 2018
* Maintain recommended StopLoss by daily closing basis.
   Once 1st target hit, reset StopLoss at 2179.
^ The returns are calculated based on CMP#

COMPANY OVERVIEW

HDFC Bank provides various banking and financial services to individuals and businesses in India, Hong Kong and Dubai. The bank covers commercial and investment banking on the wholesale side and transactional/branch banking on the retail side. HDFC Bank has reported Net profit after tax of 5,005.73 Crore in the latest quarter.

Stock Data
NSE CodeHDFCBANK
Sectoral IndexNifty Bank
52W High2220
52W Low1828.5
Face Value2
Relative Performance_HDFC Bank vs Nifty Bank

TECHNICAL OBSERVATIONS (DAILY)

  • Higher Tops and Higher Bottoms at Daily Charts.
  • Last few days stock is trading above the 15 days MA and recent closing above the Upper Bollinger Band showing the confidence of my view.
  • ADX and +DI crossing above 20 indicate buying momentum and probable further rise.
  • The momentum oscillator RSI is also moving northwards in the daily chart and thus showing buying strength.
HDFC Bank Daily Chart
HDFC Bank Daily Chart

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable not to enter/exit beyond the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other technical recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

ANALYST SUMMARY

This research analysis is prepared by Arijit Banerjee, CMT, CFTe. An engineering graduate developed an early interest in Trading since the age of 20. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and also has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts (IFTA), USA. His contribution to the market research was recognized by SEBI, the Regulatory Body of Indian financial market and given him the registration number INH300006582 as a Research Analyst. Over the years, he has gained experience in Technical Analysis with a demonstrated history of working in different asset classes. Himself as a trader, he has trained and continues training novice and experienced traders to become successful, confident and profitable in the financial market.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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