Kindly share your opinion about the near-term outlook of the HDFC Bank for buying call option – Tarun Dutta

HDFC Bank (₹928): By mid-January, the stock decisively breached the support at ₹940. While it bounced after making a low of ₹905 on January 27, it could not sustain above the support-turned-resistance at ₹940.

Even the euphoria after the announcement of India-US trade deal could not keep the stock above ₹940. Although it rose to ₹994 on February 3, since then, the selling pressure has been constantly put on the scrip and consequently, the price is now back below the ₹940-mark.

For the bulls to gain some traction, the stock should reclaim ₹940 and sustain above this level at least for a few trading sessions. Overall, at the moment, the outlook is weak.

Note that the breach of ₹940 confirmed a double-top chart pattern and as per this chart set-up, the price is set to decline to ₹860 in the near-term. ₹900 is a potential support but whether it can stop the downtrend is uncertain.

Considering the above factors, we suggest avoiding long positions on call options on this stock.

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Published on February 11, 2026