Taking cues from the global markets, Indian markets began the day on a positive note, but as the day progressed the markets gave up its gains and witnessed selling pressure at higher levels leading it to end the day in red. With this, 28 stocks of the Nifty 50 pack gave up its gains today.
Among these, the drop in HDFC twins were higher than that of Nifty of 0.4 per cent. Both scrips continued to extend losses today for the fourth consecutive trading session. HDFC bank fell 1.4 percent to end the day at 1,543, while HDFC Ltd dropped 0.9 per cent to 2,534. Nifty Bank index declined at similar levels of 0.9 percent.
Since the Nifty highs this month on March 8th, the HDFC twins lost at least 5 per cent each. The volumes traded on NSE today were the highest since 11th November 2022 for HDFC bank, while for HDFC Ltd. the volumes have been lowest since 1st March 2023.
Next levels to track for the HDFC twins
Since 8th March, the HDFC twins have contributed 145 points to the overall decline, majorly contributed by HDFC bank of 85 points.
Rajesh Palviya, VP - Technical and Derivatives Research, Axis Securities says “HDFC Bank has given a breakdown to its multiple support zone of 1,580. The stock slipped below its 100 DMA, which indicates bearishness ahead. The chart pattern suggests that if the stock continues to remain below 1580 levels, then it may witness more supply pressure which could drag stock lower towards 1500-1470 in the near term. However, 1580-1610 might act as resistance in the near term.”
While for HDFC Ltd, he adds “The stock witnessed a breakdown to its multiple support zone of 2560 on weekly charts, chart pattern indicates stock can witness further selling pressure, and it may slide further towards 2470-2450 levels in the near term. The stock is likely to face stiff resistance at 2600-2620 in the near term.”
