HDFC Bank Limited Stock Forecast
Green day on Friday for HDFC Bank Limited stock after gaining 2.45%
(Updated on Apr 19, 2024)
The HDFC Bank Limited stock price gained 2.45% on the last trading day (Friday, 19th Apr 2024), rising from ₹1,494.70 to ₹1,531.30. During the last trading day the stock fluctuated 3.70% from a day low at ₹1,480.25 to a day high of ₹1,534.95. The price has been going up and down for this period, and there has been a 0.24% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 163 thousand more shares were traded than the day before. In total, 17 million shares were bought and sold for approximately ₹26.46 billion.
The stock lies in the middle of a 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 5.83% during the next 3 months and, with a 90% probability hold a price between ₹1,530.05 and ₹1,653.57 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.
HDFCBANK.NS 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 ₹1,519.11 and ₹1,470.00. A breakdown below any of these levels will issue sell signals. 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 Friday, April 05, 2024, and so far it has fallen -1.18%. Further fall is indicated until a new bottom pivot has been found.
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 ₹1,452.65 and ₹1,434.90. 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 ₹1,452.65. If this is broken, then the next support from accumulated volume will be at ₹1,434.90 and ₹1,427.35.
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 ₹54.70 between high and low, or 3.70%. For the last week, the stock has had daily average volatility of 1.98%.
Our recommended stop-loss: ₹1,471.29 (-3.92%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (HDFCBANK.NS) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect HDFC Bank Limited to open at ₹1,515.50, and during the day (based on 14 day Average True Range), to move between ₹1,504.75 and ₹1,557.85, which gives a possible trading interval of +/-₹26.55 (+/-1.73%) up or down from last closing price. If HDFC Bank Limited takes out the full calculated possible swing range there will be an estimated 3.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹1,536.35 (0.33%) than the support at ₹1,452.65 (5.14%), 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?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for HDFC Bank Limited stock to perform well in the short-term.
Current score: 2.494 Buy Candidate Unchanged
Predicted Opening Price for HDFC Bank Limited of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| ₹1,515.50 ( 1.03%) | ₹1,531.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HDFCBANK.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,570.20 | 2.54 % | |
| R2 | 1,549.30 | 1.18 % | ||
| R1 | 1,536.40 | 0.333 % | ||
| Current price: | 1,531.30 | |||
| Support | S1 | 1,494.60 | -2.40 % | |
| S2 | 1,481.70 | -3.24 % | ||
| S3 | 1,460.80 | -4.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,549.55 | 1.19 % | |
| R2 | 1,548.55 | 1.13 % | ||
| R1 | 1,536.35 | 0.330 % | ||
| Current price | 1,531.30 | |||
| Support | S1 | 1,452.65 | -5.14% | |
| S2 | 1,434.90 | -6.30% | ||
| S3 | 1,427.35 | -6.79% |
HDFCBANK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 16, 2023 | May 16, 2023 | May 16, 2023 | ₹19.00 | 1.15% |
| 2 | May 12, 2022 | May 12, 2022 | May 12, 2022 | ₹15.50 | 1.19% |
| 3 | Jun 29, 2021 | Jun 29, 2021 | Jun 29, 2021 | ₹6.50 | 0.433% |
| 4 | Jul 20, 2019 | Aug 01, 2019 | Aug 01, 2019 | ₹2.50 | 0.225% |
| 5 | Apr 20, 2019 | Jun 20, 2019 | Jul 16, 2019 | ₹7.50 | 0.627% |
FAQ
Click here for our free guide on how to buy HDFC Bank Limited Stock.
