Stock of the week - HDFC Bank Ltd For Target Rs.3074 By GEPL Capital
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HDFC
Observation
* On the monthly chart, we can see that HDFC has been moving higher since October 2020.
* On the weekly time frame we can see that the stock broke out of a prolonged consolidation phase in the previous week and also it has managed to close above its previous 5 week’s high. This up move was backed by huge volume buildup, indicating participation as the prices moved out of a consolidation.
* The prices can be seen witnessing good momentum buildup after bouncing off the 2354 mark which is a 38.2% retracement level of previous advance from 1473 -2896 levels.
* On the indicator front the RSI plotted in the weekly chart has been placed above the 50 mark since Sept 2020. Currently it can be seen moving higher towards the overbought level after forming a bullish hinge near the 50 mark, indicating that the bulls are in control of the trend.
* Going ahead the key resistance level to watch out for is 2896 (All Time High) followed by 3074 (50% extension level of the rise from 1473 - 2896 projected from 2354).
* Our bullish view will be negated if the prices move below the 2514 levels (20 Week SMA).
Inference & Expectations
* HDFC has been in a long term bullish phase.
* On the medium term charts the prices have sustained above its 5 week’s high.
* We expect the bullish momentum to take the prices higher towards the 2896 mark in near future.
* If the level of 2896 is breached we can expect the prices to move higher towards the 3074 mark.
* Our bullish view will be negated if the prices breach below the 2514 mark beyond which we can expect the prices to move lower towards the 2354 mark.
* One can Buy HDFC at current levels for the target of 2896 and 3074 levels with a strict stop loss of 2514 on closing basis.
Buy HDFC Bank Ltd LTP 2628 TGT 3074 SL 2514
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