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HDFC Bank Ltd: A Growth Stock in 2024

HDFC Bank Ltd

HDFC Bank Ltd

HDFC Bank Ltd is one of the most prominent bank giants in India. It provides its services not only in India but in other countries also. It generally operates financial segments which includes Treasury, Retail Banking, Wholesale Banking, and Other Banking Business etc. With the market capitalization of 1,254,741 Cr, hdfc bank share price closed at 1653.20 with 1.40 % upside movement on NSC and besides hdfc bank adr is trading at $64.83 with 0.45 % upside movement on 11th December, 2023.

Technical View of NSE hdfcbank  

HDFC Bank Ltd is a private sector bank and it holds the maximum weightage that is approximately 15% on Nifty Index and 33.59 % on Bank Nifty. During Covid outbreak, hdfc bank share price dipped of 43% from the 2019th December high and tested 741 level, which is very crucial as 100 day moving average placed on monthly chart. From that level, stock did not perform well as compared to market conditions. Nifty and Bank Nifty bounced back significantly but HDFC Bank Ltd did not fulfil the investors’ expectations.

Current Price Pattern of HDFC Bank Ltd.

This hdfc bank ltd share price bounce back from the 2020 low and made a high of 1726 on 18th Oct, 2021. From that time the stock tried many attempts to cross that level but fails and created a strong resistance at the price range of 1690 -1760. Now this resistance level is very much crucial for the stock.

Recent price action of hdfc bank ltd stock is very much significant as it helped the stock to push towards the strong resistance level again. The monthly and weekly charts are indicating the strength of buyers in recent times. The monthly strong ‘Morubozu’ candle represents its strength. The weekly candles are strongly placed with the Friday close. But the hdfc bank stock will face its first obstacle at the price range of 1670-1675, where its first resistance placed.

Stock formed multiple bullish candles that include Hammer, Morubozu and Dozy, at the key support level on weekly chart. Successful bounce from the area of 1470 will lead to cross the upside resistances of the stock and increase will visible in hdfc bank share market rate. The increase volume on weekly candle and successful breakout from a channel pattern, indicates buyers’ activity at the support level. It rallied nearabout 13 % from the recent lows without a negative closing on the monthly and as well as weekly chart.

On daily chart the stock is trading above all the important moving averages, which shows the inherent strength of the stock. But daily chart indicates some sort of healthy correction may happen before crossing major resistances. According to Fibonacci Retracement theory 0.38 % and 0.5% retracement is preferred as a healthy retracement of a stock after an impulsive move. From the current share price of hdfc bank, Fibonacci level 0.38 % placed at the price of 1580 and 0.5 % level placed at the price of 1560. According to Fibonacci theory, these two will acts as a major support and this will impact on hdfc bank stock price.


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