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HDFC, HDFC Bank, HDFC AMC: Here's how to trade HDFC group stocks?

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Shares of HDFC group have been on a roll since the past few sessions. On Tuesday, too, the HDFC twins were leading the charge among the S&P BSE Sensex scrips, with HDFC rising over 6 per cent. The gain came on the back of the housing finance company saying the individual loan business saw a sequential month-on-month improvement in the period July to September 2020 (Q2FY21). READ ABOUT IT HERE

HDFC Bank, on the other hand, was trading nearly 2 per cent higher at Rs 1,135 after it released a business update for the September quarter. The bank’s advances aggregated to around Rs 10,370 billion as of September 30, 2020, up nearly 16 per cent as compared to Rs 8,970 billion in the year-ago period. Its Current and Savings account (CASA) ratio stood at around 42 per cent as of September 30, 2020, as compared to 39.3 per cent as of September 30, 2019 and 40.1 per cent as of June 30, 2020. CLICK HERE FOR THE PRESS PRESS RELEASE 

 
Here's how HDFC group stocks look on the charts.

Housing Development Finance Corporation Ltd (HDFC): This will be the seventh straight session where the counter when the counter ends firm, should the morning gains sustain. On Tuesday, the counter hit Rs 1,875 levels, up 5 per cent during intra-day deals. There is inherent strength in the stock, which is now moving in the direction of its 200-days moving average (DMA), currently placed at Rs 1,914. The short-term support comes at 50-DMA, located at Rs 1,783. The immediate support comes in at Rs 1,820 levels. The Moving Average Convergence Divergence (MACD) is on the brink of conquering the zero line upward. If that happens, then HDFC may see Rs 2,100 levels in the days ahead. CLICK HERE FOR THE CHART

 

HDFC Bank Ltd (HDFCBANK): This is the third time the stock has managed to conquer 200-DMA in the last three months. Now, it has to conquer the resistance of Rs 1,160 to Rs 1,170 levels for a further upside. If that happens, further rally towards Rs 1,300 and then Rs 1,500 levels cannot be ruled out. For now, the trend is positive, but may turn even more bullish when these resistance levels are taken out. The support comes at Rs 1,100 levels. The volumes have remained subdued, but the price trajectory is not showing signs of a reversal yet. CLICK HERE FOR THE CHART

HDFC Asset Management Company Ltd (HDFCAMC): The overall trend is not very exciting in this counter. The stock has seen a decent correction from Rs 2,700 levels to around Rs 2,300 now. Going forward, one can view a stiff resistance on every possible upside, as per the weekly chart. HDFC AMC has to cross and stabilise above Rs 2,400 for a couple of weeks to gain momentum. The immediate support comes at Rs 2,200 and Rs 2,140 levels. The Relative Strength Index (RSI) is finding it tough to cross 50 value, which has led to further weakness in this counter.  CLICK HERE FOR THE CHART



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