HDFC Bank - price bouncing back from the support must knock off the previous highs else it becomes weaker. Not a healthy sign till now. Need a strong follow-through. The zone of 1290-1300 is still to be tracked carefully.

More from The_Chartist 📈
How was the trap set in USA Small-Cap index
Russell 2000
It is better if you spend considerable time learning these concepts. https://t.co/caBHOO4Owa
Russell 2000
It is better if you spend considerable time learning these concepts. https://t.co/caBHOO4Owa

TRAPS? In a false breakout, the price breaks out of the range & comes back within the range. A trap is one step ahead, price not only comes back within the range but breaks down in the opposite direction. It traps the initial longs who didn't close their positions
— The_Chartist \U0001f4c8 (@charts_zone) January 22, 2022
Russell 2000 pic.twitter.com/txzjdnStzc
More from Hdfcbank
#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+
+
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.
+
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.
+
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.
+
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+
+

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.
+

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.
#HDFCBANK
— Gurleen (@GurleenKaur_19) August 10, 2021
The setup looks favorable above 1531 for target's of 1640+#StockMarket #StocksToWatch pic.twitter.com/jbQrbjuYHy
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.
+
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.
+