Stock analysis HDFC BANK

We have seen a good move in the stock and it can show even a bigger move in upcoming trading session

On the monthly chart, it is clearly visible that the stock is in a bullish phase. For the upside position it can move to 1600 level, one can take a position with the stop loss at 1365 as it took support there several times But if it starts moving downward it will first take support at 1150 and then 1100(psychological level) for the long term perspective. So kindly have a watch on these levels.

On the weekly chart
It is clearly seen in the chart that it has not closed below its previous low so if it starts moving upward above 1415 then it can move to 1450 but in case if it faced resistance @1400 then it will take support at 1360 and if it also breaks then it will take support at 1330.

On the daily charts, it has closed below its 20 MA which is a matter of concern. It makes takes support at its 50 MA then starts moving upside up to the level of 1400(1st) target then 1425 (2nd) target on the other hand if it breaks its 50 MA then it will take support at its 200 MA i.e. 1350.

I hope this analysis will help you in the upcoming trading session.
Thank you
Analysis by
Akshay Singh

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