HDFC Bank Limited (HDFCBANK) Stock - Complete Technical Analysis - Nov 07, 2024

HDFC Bank Stock Technical Analysis Support & Resistance Levels for November 2024

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. HDFC Bank Limited (HDFCBANK), currently priced at 1746.55, has been showing signs of consolidation in the near term. The stock is just below its 52-week high of 1794, indicating a potential resistance point. A recent Doji pattern signals indecision in the market, and the range-bound movement between 1738 and 1760 suggests volatility without a clear direction. Traders should watch for breaks above 1760 for upward momentum or below 1738 for a possible retracement.

The RSI is at 56.45, keeping the stock in neutral territory, while the Stochastic RSI at 74 suggests bullish strength, indicating that HDFCBANK might continue its upward trend if resistance levels are broken. MACD at 15.97 is also showing signs of upward momentum, indicating potential for price increases. The ATR suggests significant volatility, meaning the stock could see sharp price moves either way.

With support at 1738 and resistance near 1760, a clear breakout in either direction could indicate a trend continuation. Watch closely for price action, and be ready to adapt as market conditions evolve.