HDFC BANK STOCK RECOMMENDATION
|Buy Range||1076 – 1082||Target||1130 – 1140|
|StopLoss*||1050||Duration||8 – 10 Trading Days|
|Potential Returns^||5 – 6%|
|CP#||Idea||Buy Range||Target||StopLoss*||Duration||Potential Returns^|
|1080||BUY||1076 – 1082||1130 – 1140||1050||8 – 10 Trading Days||5 – 6%|
# Current price on 11 Sep 2020.
Once 1st target hit, reset StopLoss at 1105.
^ Potential returns are calculated based on the median of buy range.
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HDFC BANK 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 TECHNICAL ANALYSIS
As observed on hourly chart, HDFC Bank had formed reverse head & shoulder pattern in mid-August this year with its neckline at 1070-1072. Prices breached this level on 4th attempt which makes this level a strong resistance. Post breakout of this level, stock gave an upmove of more than 7% within 7 trading sessions. Breakout of a strong resistance usually acts as a strong support later on.
Currently, prices have given correction towards this same level which has high chances of giving strong support now. This gives a good opportunity to go long at for a potential reversal on upside.
In addition to trendline support, stock also seems to have reversed from oversold region as per RSI which is trading in 36-level. This gives enough space for the stock to move upside increasing the odds of the stock to move northwards.
This stock has a history to bounce from 100-period EMA. HDFC bank seems to have its psychological 100-period Exponential Moving Average (EMA) at 1062-level at present on daily chart which provides extra cushion for the stock on downside for any fall.
On drawing Fibonacci retracement on hourly chart from an important bottom of 17th August at 1020-level to recent top made on 31st August at 1148-level, the key 61.8% retracement so formed is around our initially mentioned 1070-level where trendline support also exists. This makes 1070-level a strong level to rely on for price reversal.
CONCLUSION - HDFC BANK SHARE PRICE FORECAST
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Goodluck Capital’s Stock Recommendation:— Goodluck Capital (@CapitalGoodluck) September 11, 2020
Ultra Equity Advice 145: ████
Date: 11 Sep 2020
Positional #trading recommendation - Buy
Potential return 5-6% in 10 days
Average Profit ₹ 6,000/Lakh capital in this stock
Original post: 👇https://t.co/F4GBXgj5H8