HDFC Bank: Bounce From Trendline but Hits cloud resistance

closed at ₹738.60, down 0.12% on the day. The stock has spent most of 2026 correcting from the ₹1,000 area, but the recent move from the ₹680–₹700 zone suggests that buyers are responding near a rising multi-year trendline. That trendline is important because it connects the major lows from 2022 onward and currently comes near ₹725. Price remains above it, which keeps the larger support structure intact. A close below ₹725 would weaken this recovery and make the ₹715–₹700 band the next key zone. The Ichimoku setup is still not fully bullish. Price is around the anchored VWAP at ₹739.90, so the market is sitting near the average cost of recent participants rather than clearly above it. The Tenkan-sen and Kijun-sen are both near ₹715.60, reflecting a flat, neutral short-term structure. The cloud extends overhead towards ₹754.80, which makes ₹740–₹755 the immediate resistance range. A sustained move above ₹740 would be the first positive sign. A close above ₹755 would take price through the cloud and would strengthen the case for a recovery towards ₹775 and then ₹800. Until that happens, the stock remains in a broader corrective phase despite the bounce from support. HDFC Bank’s size, deposit franchise and long-term credit-growth exposure remain fundamental strengths. Technically, however, the chart needs to hold the rising trendline and reclaim the ₹755 cloud boundary before the recovery becomes more convincing.