HDFC Bank Limited Stock Forecast
Green day on Thursday for HDFC Bank Limited
(Updated on Apr 25, 2024)
The HDFC Bank Limited stock price gained 0.120% on the last trading day (Thursday, 25th Apr 2024), rising from $58.26 to $58.33. During the last trading day the stock fluctuated 1.10% from a day low at $57.77 to a day high of $58.41. The price has risen in 6 of the last 10 days and is up by 0.6% over the past 2 weeks. Volume fell on the last day by -360 thousand shares and in total, 1 million shares were bought and sold for approximately $69.65 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 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 7.17% during the next 3 months and, with a 90% probability hold a price between $59.60 and $64.56 at the end of this 3-month period.
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HDB Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -1.80%. 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). 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 $58.08 and $56.85. A breakdown below any of these levels will issue sell signals. 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.
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 $54.79 and $54.40. 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 $54.79. If this is broken, then the next support from accumulated volume will be at $54.40 and $54.10.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.635 (1.10%) between high and low. For the last week, the stock has had daily average volatility of 1.87%.
Our recommended stop-loss: $56.08 (-3.85%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 13 days ago.)
Trading Expectations (HDB) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect HDFC Bank Limited to open at $58.17, and during the day (based on 14 day Average True Range), to move between $57.14 and $59.52, which gives a possible trading interval of +/-$1.19 (+/-2.04%) up or down from last closing price. If HDFC Bank Limited takes out the full calculated possible swing range there will be an estimated 4.08% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $58.98 (1.11%) than the support at $54.79 (6.07%), 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: 1.888 Buy Candidate Unchanged
Predicted Opening Price for HDFC Bank Limited of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| $58.17 ( 0.277%) | $58.33 |
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 | 58.80 | 0.81 % | |
| R2 | 58.56 | 0.396 % | ||
| R1 | 58.41 | 0.139 % | ||
| Current price: | 58.33 | |||
| Support | S1 | 57.93 | -0.693 % | |
| S2 | 57.78 | -0.95 % | ||
| S3 | 57.53 | -1.37 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 59.28 | 1.63 % | |
| R2 | 59.05 | 1.23 % | ||
| R1 | 58.98 | 1.11 % | ||
| Current price | 58.33 | |||
| Support | S1 | 54.79 | -6.07% | |
| S2 | 54.40 | -6.74% | ||
| S3 | 54.10 | -7.25% |
HDB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 07, 2024 | May 07, 2024 | May 07, 2024 | $0.701 | 1.20% |
| 2 | Apr 17, 2023 | Aug 14, 2023 | Aug 23, 2023 | $0.580 | 0.91% |
| 3 | Apr 17, 2023 | May 12, 2023 | Aug 06, 2023 | $0.697 | 1.04% |
| 4 | Apr 25, 2022 | May 11, 2022 | Jul 27, 2022 | $0.608 | 1.01% |
| 5 | Jun 18, 2021 | Jun 28, 2021 | Jun 29, 2021 | $0.263 | 0.356% |
FAQ
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