Friday, December 15, 2023

Where could market index go if HDFC Bank breaks out of consolidation?

 #hdfcbank HDFC Bank Limited this private sector banking giant had been underperforming despite being fundamentally & also major contributor to the nifty index. compounded sales growth last 10 years is 21% with shareholding of 52% held by FII's.

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The recent merger made slowed the up move. However when market started current rally following US inflation cool off, this stock also recovered equal to how much market moved from last swing low. However from the technical weekly medium term charts , it still is at resistance from momentum perspective and price is within the consolidation range although trend has crossover to bull zones.



remember market are at al time high with all major industry sector are heading to moon.Therefore a potential consolidation breakout could happen if a green close happens above another 100 points form here. now imagine where index could go then give the contribution % of this stock? The question could this come in easy or would it have to wait for a cool off /consolidation given that market made vertical moves recently without major corrections that could be due.








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