HDFC Bank — Testing Major Demand After Breakdown From Range

HDFC Bank has corrected sharply from recent highs and is now testing a key horizontal demand band around ₹865–₹890. The move has also taken price below the short-term range and toward the long-term rising trendline zone. Structure: The stock has broken below intermediate support near ₹921 and is currently attempting to stabilise above ₹865. This zone previously acted as a base and now becomes critical for short-term direction. Key Levels: ₹921: Prior range resistance turned supply. ₹887–890: Immediate pivot zone. ₹865–870: Major demand and structural support. Below ₹865, downside risk may extend toward the next lower demand pocket. Momentum (RSI): RSI is deeply oversold and attempting a mild bounce from sub-30 levels. While this signals short-term exhaustion, momentum remains weak below 40, indicating corrective pressure still dominates. Volume: Selling volume has expanded during the decline, reflecting distribution rather than gradual pullback. Follow-through selling or strong reversal candles will define the next leg. Stability above ₹865 is essential to prevent further structural damage. 📢 Disclaimer: For educational and technical analysis purposes only; not investment advice. 👤 Rajneesh Sharma – SEBI Registered Research Analyst (INH000020332)