HDFC Bank Ltd. has broken the floor of the rising trend channel in the medium long term, which indicates a weaker initial rising rate. The stock is moving within a rectangle formation between support at 1604 and resistance at 1736. A decisive break through one of these levels indicates the new direction for the stock. There is no resistance in the price chart and further rise is indicated.
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In case of a negative
reaction, the stock has support at
approximately 1580 rupee. Volume has
previously been high at price tops and low
at price bottoms. This weakens the trend
break. The stock is overall assessed as
technically positive for the medium long
term.
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