Now Reading: HDFC Bank stock faces tough road ahead, expert sees support at Rs 675
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HDFC Bank stock faces tough road ahead, expert sees support at Rs 675
HDFC Bank stock faces tough road ahead, expert sees support at Rs 675
HDFC Bank's stock is likely to struggle for a breakout in the coming weeks or months, according to Coheron Wealth's Aditya Agarwal. Technical indicators point to weakness, with the stock trading near…
HDFC Bank's stock is likely to struggle for a breakout in the coming weeks or months, according to Coheron Wealth's Aditya Agarwal. Technical indicators point to weakness, with the stock trading near multi-month lows and failing to reclaim key resistance levels.
Agarwal said the stock's structure is weak and it could not hold above the 200-day moving average of Rs 840. A bounce to Rs 765-780 is possible, but it would be a 'dead cat bounce' rather than a sustained rally, offering selling opportunities for institutional investors. The expert sees support at Rs 675-680 and resistance at Rs 780-785, with the stock likely to consolidate in a Rs 100-120 band before a fresh up move.
Indian Opinion Analysis
HDFC Bank shares have been under pressure for months, reflecting broader concerns about the bank's margins and deposit growth after its merger with HDFC Ltd. The stock has underperformed the Nifty Bank index this year. The 200-day moving average is a widely tracked technical indicator, staying below it suggests bearish sentiment. The next trigger for the stock could be the bank's quarterly business update or any regulatory clarity on the merger-related cost savings. Investors will watch whether the stock can build a base above Rs 675 before attempting a sustained recovery.
Source: bazaar.businesstoday.in
This story was synthesised by AI from the source linked above.
