HDFC Bank Limited Stock Forecast

HDFC Bank Limited stock price ended at $65.06 on Tuesday, after gaining 1.31%.
(Updated on Jun 25, 2024)

HDB Signals & Forecast

The HDFC Bank Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $62.74 and $58.48. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 17.20%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. The stock had a Golden Star Signal on Thursday, May 23, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Buy

Special Signal Notification

Golden Star 12 Months

The stock had a Golden Star Signal on Thursday, May 23, 2024 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Buy

Special Signal Notification

Double Bottom Formation

A buy signal from a double bottom formation was found on Tuesday, June 04, 2024 with a target of $56.68. Despite whether the objective of the signal formation has been reached the stock may continue to perform well.

Support, Risk & Stop-loss for HDFC Bank Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at $59.28 and $58.43. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, HDFC Bank Limited finds support just below today's level at $59.28. If this is broken, then the next support from accumulated volume will be at $58.43 and $55.51.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.740 between high and low, or 1.15%. For the last week, the stock has had daily average volatility of 1.31%.

The HDFC Bank Limited stock is extremely overbought on RSI14 (99). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the HDFC Bank Limited has been rising for 7 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Our recommended stop-loss: $62.91 (-3.30%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 99 and this increases the risk substantially. There is a buy signal from a pivot bottom found 15 days ago.)

Trading Expectations (HDB) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect HDFC Bank Limited to open at $64.91, and during the day (based on 14 day Average True Range), to move between $63.82 and $66.30, which gives a possible trading interval of +/-$1.24 (+/-1.91%) up or down from last closing price. If HDFC Bank Limited takes out the full calculated possible swing range there will be an estimated 3.82% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $59.28, some $5.78 (8.88%) from the current price of $65.06, our system finds the risk reward attractive.

Is HDFC Bank Limited stock A Buy?

HDFC Bank Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for HDFC Bank Limited of Wednesday, June 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.