The recent price action in HDFC Bank suggests it may have found a bottom near the ₹940 level. This presents an initial sign of a potential reversal, but a confirmation is necessary for a high-conviction bullish stance. To validate this reversal, the stock must decisively break and close above the key resistance at ₹985 on a cash basis. While a move to ₹975 would be a positive early indication, the ₹985 level offers a more robust confirmation signal.

A breakout above ₹985 would likely initiate a short-term rally. This could lead to an initial upside target of ₹1,005, with a potential extension to ₹1,025 in the following days. These levels represent the next significant resistance zones that the stock would need to overcome. Investors and traders should monitor the price action closely to confirm the strength of the reversal.”

AXISBANK had perfect time symmetry between its January 27 low and its recently registered low on August 29. Mathematically, that’s simply perfect. As long as the stock holds its August 29 low of 1042, we will assume the low is in place.

To initiate a long position, we would be looking for a breakout above 1077. A rally toward 1105 and 1140 could follow within the next few days.

“As we analyzed on August 20th, a print of 1442 on cash was needed to confirm a strong breakout in RELIANCE.  The  stock  was  rejected  from  the  1431  level,  creating  a  new  low  below  its  early  August  low.

The  next  critical  support  is  now  the  1280  to  1320  zone  on  cash,  from  which  a  powerful  rally  can  unfold.   Today is a key cycle date, and a sustained move above today’s intraday high would signal a return to stability. Monitor this closely, because RELIANCE’s trajectory is crucial for NIFTY’s overall direction.”

INDIANBANK  is  in  a  medium-term  uptrend.    In  the  short  term,  it  has  strong  support  between  ₹640  and  ₹660,  making  any  dip  into  this  zone  an  ideal  entry  opportunity.    The  stock  is  currently  in  a  sideways  trend,  and  a  near-term  rally  to  ₹703  and  ₹733  will  only  happen  if  it  breaks  above  ₹685.”

Looking  at  our  time  cycle  analysis,  September  is  a  crucial  month.    It  marks  the  completion  of  a  major  cycle  rotation  on  the  monthly  charts  from  the  June  2024  high.”

At times, as an analyst, you feel that enough is enough. And when we look at SBI, we experience that same feeling. Despite multiple attempts, we never got any sort of trade here. The trigger points which we discussed never broke on either side. But we will keep trying, and hopefully this time it should go through. As we speak, the setup is bullish here, but we would still prefer to wait until the stock takes out 856 on the upside. Once that’s done, we would then anticipate a rally toward 897 and 928 on a cash basis on the upside, and maybe even more than that. But for now, we would restrict ourselves until then. On the time cycle front, as long as the stock sustains above the August 11th intraday high, the setup is bullish, and it’s just a matter of time before 856 is taken out on the upside.