HDFC Bank Limited Stock Forecast
HDFC Bank Limited stock price down 1.32% on Thursday
(Updated on May 09, 2024)
The HDFC Bank Limited stock price fell by -1.32% on the last day (Thursday, 9th May 2024) from $56.07 to $55.33. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 1.21% from a day low at $55.27 to a day high of $55.94. The price has fallen in 7 of the last 10 days and is down by -5.14% for this period. Volume has increased on the last day by 979 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately $147.64 million.
Given the current short-term trend, the stock is expected to rise 8.95% during the next 3 months and, with a 90% probability hold a price between $60.28 and $66.78 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
There are few to no technical positive signals at the moment. The HDFC Bank Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $57.39 and $57.31. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -6.85%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
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 $0.670 between high and low, or 1.21%. For the last week the stock has had daily average volatility of 1.16%.
HDFC Bank Limited is oversold on RSI14 (22). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
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 Friday 10th
For the upcoming trading day on Friday, 10th we expect HDFC Bank Limited to open at $55.51, and during the day (based on 14 day Average True Range), to move between $54.28 and $56.38, which gives a possible trading interval of +/-$1.05 (+/-1.89%) up or down from last closing price. If HDFC Bank Limited takes out the full calculated possible swing range there will be an estimated 3.78% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $54.79 (0.98%) than the resistance at $56.01 (1.23%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
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: -2.227 Sell Candidate Unchanged
Predicted Opening Price for HDFC Bank Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| $55.51 ( 0.331%) | $55.33 |
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 | 56.18 | 1.54 % | |
| R2 | 55.93 | 1.08 % | ||
| R1 | 55.77 | 0.794 % | ||
| Current price: | 55.33 | |||
| Support | S1 | 55.26 | -0.131 % | |
| S2 | 55.10 | -0.417 % | ||
| S3 | 54.84 | -0.88 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 59.28 | 7.14 % | |
| R2 | 57.05 | 3.11 % | ||
| R1 | 56.01 | 1.23 % | ||
| Current price | 55.33 | |||
| Support | S1 | 54.79 | -0.98% | |
| S2 | 54.40 | -1.68% | ||
| S3 | 54.10 | -2.22% |
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
Click here for our free guide on how to buy HDFC Bank Limited Stock.
