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HDFC top loser among Nifty50, forms shooting star on weekly basis

Bhagyashree Vivarekar
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HDFC top loser among Nifty50, forms shooting star on weekly basis

Housing Development Finance Corporation (HDFC) which holds 7.34 per cent weightage in Nifty50 while 27.72 per cent in Nifty Financial Service index, is the top loser on both the indices with 3.6 per cent losses. The stock dragged Nifty Fin Service which is currently the top loser amongst all sectoral indices falling 1.6 per cent down.

After giving a multiple resistance breakout at 1800-1804 levels on 15 and thereby gave nearly a straight upside up to its all-time high levels at 1986. The stock had hit an all-time high on January 29 on account of robust Q3 results. However, stock consolidated at the peak for four consecutive trading sessions. Monday is the second straight day of its fall with 14-period RSI negative crossover in the overbought zone. The stock is nearing its resistance turned support levels of 1800-1805.

On weekly time frame, the stock gave a Shooting Star pattern in the last week with higher volumes. The stock initiated the current week with a gap-down opening of nearly 37 points, attempted recovery, but retreated yet again to trade lower.

Going forward, we hold 1800-1795 as immediate supports for HDFC. On the upside, the level of1862-1886 will act as the resistances followed by 1895-1905.

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