#HDFCBANK

Does it take support at the lower end of the channel and bounces back

Lets see what happens from here

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#HDFCBANK ~A Thread 🧵
Let's look at the Multi-TF Technical aspect~

In weekly; Price marked by converging trend lines.

Representing consolidation prior to continuing in the direction of existing trend.

Sustenance above 1531 and a break-through at 1579.35 would trigger 1640+

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In daily; it's showing a counter-trend move that has followed after a sharp price movement.

Rejection level at 1579.35 which needs to be breached for extended upside.

Both Weekly and daily charts are indicating the resumption of the prior trend.

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It has been on my radar since August series and I have been watching out for these levels to be neatly breached for a bullish move.


The news is also favorable for #HDFCBANK.

In their last commentary, Bank said~ the transportation finance disbursements are 110% of May numbers.
July was 40% higher than the month of June and August was twenty 25% higher than July.

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Bank is very upbeat about it's growth in rural and semi-rural areas.

Right now they are active in total of 1 Lac villages.

Within two years they aim to expand it to 2 Lac villages as it's going to be major part of their loan book.

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