HDFC Bank shares tank 6% in 5 straight sessions. Should investors buy this dip?
[hfe_template id='11223']
[ad_1]
Shares of India’s largest private-sector lender, HDFC Bank, declined as much as 1% to an intraday low of Rs 938 on Friday, January 9, extending their losing streak to a straight fifth session. The stock has shed 6% over this period, ahead of the bank’s third-quarter earnings announcement scheduled for January 17. What should investors do? “HDFC Bank stock is showing a clear bearish structure on the daily chart, with price trading below all key EMAs (20, 50, 100, and 200), indicating weakness across all timeframes,” Aakash Shah, Technical Research Analyst at Choice Equity Broking told ETMarkets. The breakdown from the Rs 1,000–1,020 resistance zone has triggered strong selling pressure, leading to lower highs and lower lows. Bearish candles supported by higher volumes point toward distribution rather than a healthy correction. Momentum remains weak, with RSI below the mid-line, signaling lack of bullish strength. The Rs 940-Rs 935 zone is ...