HDFC Bank shares have hit a new 52-week low of Rs 698.50, marking a nearly 30% decline so far this year. The stock's persistent lower-top and lower-bottom structure on the daily chart indicates sustained selling pressure, with limited signs of reversal.
The stock is currently trading below its 20-day, 50-day, and 200-day EMAs, reinforcing the bearish trend. The RSI remains in the 30–40 zone, highlighting continued weakness, while the MACD is below the zero line, indicating bearish momentum. A move above Rs 750 could trigger a short-term bounce, but the broader structure remains weak below Rs 780.
Virat Jagad, Senior Technical Research Analyst at Bonanza, notes that the stock remains in a downtrend with major support at Rs 710. A decisive breakdown below this level could lead to further downside towards Rs 680–660.
“The stock continues to form a lower-top and lower-bottom structure on the daily timeframe and is currently trading near its nine month low, indicating sustained selling pressure.”
Sudeep Shah, Vice President and Head of Technical and Derivatives Research at SBI Securities
Jefferies has identified Kaizad Bharucha, HDFC Bank's Deputy Managing Director, as a key internal candidate for the CEO role. External candidates include Anup Bagchi, Paresh Sukthankar, Vibha Padalkar, Rajiv Sabharwal, and Amitabh Chaudhry.
The ongoing decline in HDFC Bank shares comes amid broader market volatility and leadership changes within the bank. Investors are closely monitoring the technical indicators and potential CEO appointment for future direction.
“HDFC Bank stock remains in a downtrend and below major EMAs, indicating continued weakness.”
Virat Jagad, Senior Technical Research Analyst at Bonanza
Background
The ongoing decline in HDFC Bank shares comes amid broader market volatility and leadership changes within the bank. Investors are closely monitoring the technical indicators and potential CEO appointment for future direction.
Looking ahead, market participants will watch for any sustained move above key resistance levels to signal a trend reversal. The appointment of a new CEO could also impact investor sentiment and stock performance.
