HDFC Bank Has 20% Downside Potential If Below 955
HDFC Bank is stuck below former support near 955, which is also the 38.2% Fibonacci Retracement of its recent decline. As long as prices are below 955, then there's a risk that the stock retests its lows set in March near 740. As the largest component of the market's largest sector, this will likely continue to weigh on Indian Equities in general. With momentum also stuck in a bearish range, a downside continuation in this stock appears to be the higher probability outcome and we'd expect a retest of the March lows in the weeks and months ahead.
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