HDFC Bank Ltd – Weekly Consolidation Below Resistance with RSI Bearish Divergence

🧭 Weekly Chart Overview Price has rallied steadily along a rising support trendline and is now consolidating just below a key horizontal resistance zone near ₹980–₹1,020. The structure reflects loss of momentum after a strong up-move, with recent candles showing narrower ranges near the top. 🔎 Technical Observations Price Structure: The stock remains above its rising long-term trendline, but upside progress has slowed near prior swing highs, indicating supply absorption at higher levels. Support & Resistance: Immediate support is aligned with the rising trendline and the 30-week SMA, while overhead resistance is clearly defined by repeated rejections near the ₹1,000 zone. RSI Behavior: RSI is showing a bearish divergence, with lower highs on the oscillator despite higher price highs, and has slipped below its short-term RSI trendline. Momentum: Momentum has moderated from overbought conditions, suggesting consolidation rather than continuation at this stage. Volume: Volumes remain steady without expansion, reinforcing the ongoing consolidation phase rather than a decisive directional move. 🧩 Interpretation The chart reflects a mature uptrend transitioning into consolidation. While the primary trend remains intact above the rising support, weakening RSI momentum and overhead resistance indicate a pause, with the next directional clarity likely to emerge after this compression phase resolves. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)