HDFCBANK at an important level

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HDFCBANK is an important stock as it has the power to really move the Indian broad market index, NIFTY.

After some rather strong moves towards the end of last week, we can see it closing in on its next resistance (highlighted red) soon. With a strong Earnings reported over this weekend (double-digit growth), one of two possibilities emerge:

• Strong moves were due to favorable earnings expectations and it can be a "buy the rumour sell the news" scenario
  
• The momentum continues and we see some more positive moves ahead for HDFCBANK.
  

If HDFCBANK is able to power through its coming resistances, it will become that much easier for NIFTY to be comfortable at higher levels, too.

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ملاحظة

The prices have stalled bang in the middle of the red highlighted area, forming a doji/spinning top.

Tomorrow is going to be an interesting day for HDFCBANK and also for the major indices as this stock is high-weightage.

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ملاحظة

A good gap up opening on Monday, but the red highlighted area proved to be a very tough resistance for this stock.

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ملاحظة

Took resistance from the red highllighted area. Now heading towards 1066 support.