HDFC BANK Trend AnalysisBearish divergence shown by RSI on weekly timeframe with weekly close as a strong bearish pin bar candlestick shows there is strong bearish pressure.
Do not jump to buy because of the merger and everyone is bullish.
Let the price fall to buying zone for a big rally upside.
Buying Zone is around 1100-1175 level
Target 1 2350 (100% ROI) Medium Term
Target 2 3350 (190% ROI) Long Term
All price levels mentioned above are Fibonacci levels.
This heavyweight will drag bank nifty down for sure.
This is just my analysis purely based on technicals only.
Kindly do your due diligence before trading or investing.
Peace!!
