HDFC Bank concluded the previous week on a downtrend, experiencing a decline of 2.82% in its share price.
From a technical perspective, HDFC Bank’s share price is anticipated to find immediate support at 1,602.30, while an immediate resistance is expected at 1,649.20.
In the event that HDFC Bank’s share price closes below the immediate support level of 1,602.30, a significant breakdown could ensue. A more substantial support level for the week is anticipated at 1,585.80.
Conversely, on a positive note, an immediate resistance level stands at 1,649.20. Should the share price manage to close above this level, a noticeable breakout could be in the offing. The week’s major resistance level for HDFC Bank’s share price is projected at 1,679.60.
The projected trading range for HDFC Bank’s share price for this week is expected to fluctuate between 1,555.40 on the downside and 1,696.10 on the upside.
Key Levels for HDFC Bank’s Share Price for the Week (August 14, 2023 – August 18, 2023):
- Resistance 3: 1,696.10
- Resistance 2: 1,679.60
- Resistance 1: 1,649.20
- Support 1: 1,602.30
- Support 2: 1,585.80
- Support 3: 1,555.40
Previous Week’s High: 1663.1 Previous Week’s Low: 1616.2 Previous Week’s Range: 46.9 Points
Please note that the provided analysis is for informational purposes only, and investors are advised to consider consulting their financial advisors before making any trading decisions.