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HDFC Bank Technical Analysis suggest that stock is in an overbought zone on RSI i.e. Relative Strength Index. HDFC Bank moves in a channel and recent up move was because of the triple bottom and flag pattern. Currently, HDFC Bank is trading near the upper line of its channel.
The delivery % data suggests that smart money took a long position in the stock near the level of Rs 2100. Normally, the big players don’t allow the stock to fall below their average price. However, the stock may consolidate or move down in the near future.
HDFC Bank Technical Analysis also indicates that this stock follows stochastic RSI and Heikin Ashi candles. It gives a clear buy and sell signal that can be useful for swing trading.
The stock is currently trading above the 20 and 200 period exponential moving average on the chart. Therefore, long term investor can put a stop loss near 20 period EMA.
This stock follows the nifty movement but is least volatile compared to the nifty. Also, FII holding is very high in this stock. The option chain analysis suggests a bearish outlook in the near future.
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