HDFC Bank Limited Stock Forecast
Green day on Wednesday for HDFC Bank Limited stock after gaining 0.513%
(Updated on Apr 17, 2024)
The HDFC Bank Limited stock price gained 0.513% on the last trading day (Wednesday, 17th Apr 2024), rising from $56.53 to $56.82. During the last trading day the stock fluctuated 0.98% from a day low at $56.49 to a day high of $57.05. The price has fallen in 6 of the last 10 days but is still up by 0.74% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 395 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $116.84 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 4.55% during the next 3 months and, with a 90% probability hold a price between $56.67 and $62.41 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
HDB Signals & Forecast
The HDFC Bank Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $57.48. On a fall, the stock will find some support from the long-term average at approximately $56.19. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -4.34%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for HDFC Bank Limited stock
HDFC Bank Limited finds support from accumulated volume at $56.52 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.555 between high and low, or 0.98%. For the last week, the stock has had daily average volatility of 1.65%.
Our recommended stop-loss: $53.99 (-4.99%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (HDB) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect HDFC Bank Limited to open at $56.79, and during the day (based on 14 day Average True Range), to move between $55.62 and $58.02, which gives a possible trading interval of +/-$1.20 (+/-2.11%) up or down from last closing price. If HDFC Bank Limited takes out the full calculated possible swing range there will be an estimated 4.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $57.00 (0.32%) than the support at $56.52 (0.53%), 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?
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: 0.442 Hold/Accumulate Unchanged
Predicted Opening Price for HDFC Bank Limited of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| $56.79 ( 0.0616%) | $56.82 |
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 | 57.34 | 0.92 % | |
| R2 | 57.13 | 0.542 % | ||
| R1 | 57.00 | 0.312 % | ||
| Current price: | 56.82 | |||
| Support | S1 | 56.57 | -0.435 % | |
| S2 | 56.44 | -0.665 % | ||
| S3 | 56.23 | -1.04 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 59.28 | 4.33 % | |
| R2 | 57.05 | 0.405 % | ||
| R1 | 57.00 | 0.317 % | ||
| Current price | 56.82 | |||
| Support | S1 | 56.52 | -0.528% | |
| S2 | 54.80 | -3.56% | ||
| S3 | 53.97 | -5.02% |
HDB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 17, 2023 | Aug 14, 2023 | Aug 23, 2023 | $0.580 | 0.91% |
| 2 | Apr 17, 2023 | May 12, 2023 | Aug 06, 2023 | $0.697 | 1.04% |
| 3 | Apr 25, 2022 | May 11, 2022 | Jul 27, 2022 | $0.608 | 1.01% |
| 4 | Jun 18, 2021 | Jun 28, 2021 | Jun 29, 2021 | $0.263 | 0.356% |
| 5 | Jul 31, 2019 | Jul 31, 2019 | Aug 23, 2019 | $0.109 | 0.205% |
FAQ
Click here for our free guide on how to buy HDFC Bank Limited Stock.
