HDFC Bank Limited Stock Forecast
Green day on Friday for HDFC Bank Limited stock after gaining 0.307%
(Updated on May 10, 2024)
The HDFC Bank Limited stock price gained 0.307% on the last trading day (Friday, 10th May 2024), rising from $55.33 to $55.50. During the last trading day the stock fluctuated 1.02% from a day low at $55.09 to a day high of $55.65. The price has fallen in 7 of the last 10 days and is down by -4.87% for this period. Volume fell on the last day by -1 million shares and in total, 1 million shares were bought and sold for approximately $72.76 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $55.41 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 8.53% during the next 3 months and, with a 90% probability hold a price between $60.13 and $66.49 at the end of this 3-month period.
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HDB Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 0.307%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The HDFC Bank Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $57.02 and $57.31. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for HDFC Bank Limited stock
HDFC Bank Limited finds support from accumulated volume at $54.79 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.560 between high and low, or 1.02%. For the last week the stock has had daily average volatility of 1.16%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (HDB) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect HDFC Bank Limited to open at $55.41, and during the day (based on 14 day Average True Range), to move between $54.49 and $56.51, which gives a possible trading interval of +/-$1.01 (+/-1.82%) up or down from last closing price. If HDFC Bank Limited takes out the full calculated possible swing range there will be an estimated 3.65% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $56.01 (0.92%) than the support at $54.79 (1.28%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is HDFC Bank Limited stock A Buy?
The HDFC Bank Limited stock holds several negative signals and despite the positive trend, we believe HDFC Bank Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.295 Sell Candidate Unchanged
Predicted Opening Price for HDFC Bank Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| $55.41 ( 0.156%) | $55.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HDB
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 55.97 | 0.85 % | |
| R2 | 55.76 | 0.467 % | ||
| R1 | 55.63 | 0.229 % | ||
| Current price: | 55.50 | |||
| Support | S1 | 55.20 | -0.542 % | |
| S2 | 55.07 | -0.780 % | ||
| S3 | 54.85 | -1.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 59.28 | 6.81 % | |
| R2 | 57.05 | 2.79 % | ||
| R1 | 56.01 | 0.92 % | ||
| Current price | 55.50 | |||
| Support | S1 | 54.79 | -1.28% | |
| S2 | 54.40 | -1.98% | ||
| S3 | 54.10 | -2.52% |
HDB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 23, 2024 | May 08, 2024 | May 08, 2024 | $0.600 | 1.07% |
| 2 | May 07, 2024 | May 07, 2024 | May 07, 2024 | $0.701 | 1.23% |
| 3 | Apr 17, 2023 | Aug 14, 2023 | Aug 23, 2023 | $0.580 | 0.91% |
| 4 | Apr 17, 2023 | May 12, 2023 | Aug 06, 2023 | $0.697 | 1.04% |
| 5 | Apr 25, 2022 | May 11, 2022 | Jul 27, 2022 | $0.608 | 1.01% |
FAQ
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