A bearish harami candle is forming in HDFC Bank, indicating a potential decline. The stock might fall to ₹1875; keep an eye on support and resistance levels.
HDFC Bank's daily chart shows a bearish harami candle, signaling weakness in the stock. A significant price gap was observed between April 11th and 15th, and to fill this gap, the stock might break the ₹1875 support level, potentially reaching ₹1844. If this happens, further decline could be expected.
However, HDFC Bank performed well in recent days, even reaching an all-time high of ₹1978.80. But now, profit-booking seems to have begun. On Tuesday, HDFC Bank shares fell by 0.75%, closing at ₹1906. Its market cap stands at ₹14.63 lakh crore.
Current Stock Trend and Support Levels
The bearish harami candle suggests that profit-booking may continue. HDFC Bank stock might struggle to move above the ₹1930 level, and profit-booking could persist until this level is broken.
On the other hand, there is b support around ₹1892. If the stock falls below ₹1892, further decline to ₹1875 is possible. Multiple support levels exist around these points, suggesting a potential bounce-back.
What should investors do?
If you own HDFC Bank stocks, further decline might be faced until a closing above ₹1930 is observed. If the stock reaches the ₹1844 support level, a bounce-back could be anticipated from there. For now, considering the bearish harami candle signals, this might be a time for profit-booking.
