HDFC, Bajaj Finserv: Here's how to trade HDFC and Bajaj group stocks

The stocks of HDFC and Bajaj Group are not showing any exciting picture on tech charts at the moment

HDFC and Bajaj Group stocks were trading mixed on Friday as financial shares witnessed a rebound in trade. While HDFC twins gained up to 1 per cent in the intra-day trade, Bajaj duo posted up to 2 per cent jump.

Both the group shares were bruised badly over geopolitical tension of Russia invading Ukraine as commodity-linked supply shocks dented global growth outlook. Shares of HDFC have plunged 26 per cent from their 52-week high level while those of HDFC Bank have cracked over 19 per cent. Bajaj twins, too, have plummeted up to 20 per cent.  

However, with the war concerns ebbing mildly and the BJP winning four of the five key state elections, the investors are enthusiastic about lapping the front-running stocks.

Here's how the stocks look on charts:

HDFC Bank Limited (HDFCBANK)
Outlook: Needs to sustain above Rs 1,400 level.

The stock plunged about 7 per cent after it violated Rs 1,400 level. Now, the current price reversal is pushing the stocks towards the same hurdle, daily chart shows. A conclusive close above it could add further momentum to the revival. The immediate support comes to Rs 1,350 levels. Sustainability over Rs 1,400 may see a rally towards Rs 1,550 levels. CLICK HERE FOR THE CHART
 
Housing Development Finance Corporation Ltd (HDFC)
Outlook: Need to take out Rs 2,325 levels.

The overall setup on the daily chart signals a negative formation. "Lower Low, Lower High" may get negated only if the stock manages to sustain above Rs 2,325 levels. The stock is likely seeing a reversal rally as the Relative Strength Index (RSI) has come out of the oversold territory. The immediate support comes to Rs 2,160 levels. CLICK HERE FOR THE CHART
 
Bajaj Finance Ltd (BAJFINANCE)
Outlook: Resistance at 200-DMA

The Bajaj Finance shares have a resistance at 200-days moving average (DMA), presently set at Rs 6,919 levels. To breakout on the upside firmly, the stock needs to conquer this hurdle. Moreover, the Moving Average Convergence Divergence (MACD) trades under the zero line signalling no major pullback. The support comes at Rs 6,300 levels. CLICK HERE FOR THE CHART
 
Bajaj Finserv Ltd (BAJAJFINSV)
Outlook: Facing simultaneous resistances

The stock is striving to cross 200-DMA, placed at Rs 15,728. The next resistance will come at Rs 16,392, its 50-DMA. Only a breakout above 50-DMA may induce a bullish sentiment in the stock, as per the daily chart. CLICK HERE FOR THE CHART