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HDFC Stock Price Technical Analysis suggests that the stock is moving in an uptrend channel. The price channel and the support & the resistance level suggest that Rs 2000 is the critical support level for the stock. The next support is at Rs 1786.
The stock has formed the bearish divergence of the daily chart. The divergence is very reliable for stocks like HDFC Ltd. On Fibonacci retracement, the HDFC Ltd stock retrace from the 50% level. Currently, the stock is trading at a 50% retracement level and it breaks this level then the next stop will be a 78.6% retracement level i.e. around Rs 2000.
Currently, the stock is trading below 20 period Exponential Moving Average and it can test 200 period moving average i.e. around Rs 2000. The volume analysis suggests a delivery based selling in the stock. An investor can take a long position only if the delivery based buying begins in the stock.
Currently, there is NO correlation between the stock and the nifty. Also, the option chain analysis is bearish. The sector analysis suggests that Nifty Financial Services index is underperforming compared to the Nifty.
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