HDFC has shown strong uptrend move in channel for 15 mins chart since it crossed 50 EMA from below on 24th May & 5th Jun 2024. On 3rd of July. It also had Gapup opening above it's previous 52 Week high (@1757.5) and registered new all time high of 1794 giving 21.3% upward move in last one month.
However since 3rd July 2024 it has in just 3 days stock has shown downtrend giving 8.13% downward movement, mainly for first two days due to BANKNIFTY retracing back to daily resistance slope from all time high levels. It's Gapdown opening and 4.58% drop seen on 5th July was mainly driven by lower Q1 advances, flat deposit growth, CASA reduction seen during it's Quarterly financial results.
With all above details, HDFC is having strong support levels at 1650 (20 EMA) & 1600 (50 EMA). There is high probability of stock touching 1600 levels and bouncing back from there considering expectation of MSCI weightage revision may push the stock to again all time high level and further in up trend.
Note - The views expressed in this post are my own and not financial advice. Investing in stocks involves risks, and past performance does not guarantee future results. Please conduct your own research and have risk assessment done before making any investment decisions.
