💡Short-Term Trade💡
⭐HDFC Bank⭐
Buy: Closing above 1330 (15 mins closing)
Target 1: 1349.50 (Time Frame: 1-2 days)
Target 2: 1369.5 (Time Frame: 2-3 days)
Target 3: 1400 (Time Frame: 4-6 days)
🛑 Stop Loss: Closing below 1310 (15 mins closing)
📈Technical Analysis:
-> The stock is trading in a channel on the hourly time frame and is about to break through the upper trendline.
-> The stock is trading above the 50 EMA on the hourly time frame, indicating price strength.
-> Any close above the 100 EMA, which is placed well above the upper trendline of the channel, will result in a sharp rally.
-> Stock has also tested major support and has bounced back from there.
🌱Stock Fundamentals:
HDFC Bank is India's largest private sector bank by assets and the world's 10th largest bank by market capitalisation as of April 2021.
-> The bank is taking good steps toward digitization, which puts it ahead of its peers.
-> With the recent reduction in excise duty on fuel prices, we can expect inflation and commodity prices to moderate. This is a good sign for the banking industry.
-> The bank has also shown healthy balance-sheet growth, with higher provisions as a result of best-in-class risk management practices.
⚠️Disclaimer: Information shared above is only for educational purposes. Please consult your financial advisor before taking any positions in the stock.
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