Highlights
Takeaway
HDFC Bank remains technically cautious despite improving asset quality and steady business growth. A sustained move above ₹728 could initiate a recovery towards ₹742–₹755. Holding ₹700–₹708 is crucial, while a decisive breakdown below ₹685 could expose ₹670–₹675.
- HDFC Bank closed around ₹707 on October 21 after weakening following its Q2 FY27 results announced on Saturday, October 17. The stock remains in a broader corrective trend.
- Immediate support is around ₹700–₹708, followed by ₹685–₹692. A decisive breakdown below ₹685 could extend the correction towards ₹670–₹675.
- On the upside, ₹718–₹728 is the immediate resistance zone. A sustained breakout above ₹728 could trigger a recovery towards ₹742–₹755.
- Momentum remains weak, with RSI around 48. The stock is trading below its 20-day, 50-day and 200-day moving averages, indicating that a confirmed bullish reversal is still missing.
- Fundamentally, Q2 FY27 net profit increased 4.7% YoY to ₹19,510 crore, while net interest income rose 9.7% to ₹34,619 crore. Gross NPA improved to 1.11%, although margin pressure and relatively modest earnings growth remain concerns.
Takeaway
HDFC Bank remains technically cautious despite improving asset quality and steady business growth. A sustained move above ₹728 could initiate a recovery towards ₹742–₹755. Holding ₹700–₹708 is crucial, while a decisive breakdown below ₹685 could expose ₹670–₹675.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.