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⭐️ Ultra Equity Advice 145 | Buy | Expected Profit 5-6%

 BUY   HDFC Bank (NSE: HDFCBANK)

HDFC BANK STOCK RECOMMENDATION

CP# 1080
Idea BUY
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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To verify our authenticity and credibility, do check the trading position update and recommendation timestamp. Be assured such records are permanent and irreversible.

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

HDFC Bank seems to be having cluster of supports at around 1070-level as per trendline and Fibonacci study. Also, prices seem to be trading near oversold region. In addition to which, 100-period EMA exists just below 1070-level to support for any volatile fluctuations. Our short term trading suggests good buy in 1076-1082 with stoploss at 1050 and target at 1130-1140.

HDFC BANK SHARE TRADING UPDATE - POSITION & ACTIVITIES

Buy HDFC Bank by GoodluckCapital on TradingView.
  • 11 September 2020

    Goodluck Capital Recommendation
    Ultra Equity Advice 145

  • 17 September 2020

    Trade Closed Manually
    Trade closed at the buy cost.

  • Comment
    ✔️ Return +0.1%

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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

The research analysis is prepared by Arijit Banerjee, CMT, CFTe. He is a veteran trader and an active investor having in-depth knowledge in financial market research, advanced technical analysis, market cycle, algorithmic trading and portfolio management. Arijit is a Chartered Market Technician (CMT) accredited by CMT Association USA, the leading global authority of Technical Analysis and has been honoured by Certified Financial Technician (CFTe) from the International Federation of Technical Analysts, USA. SEBI, the regulatory body of Indian financial market also recognizes him as a Research Analyst (INH300006582).

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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