After last week’s 8% dip, will HDFC Bank shares attract bargain hunters? Anand James makes a point

economictimes.indiatimes.com:

Following an 8% drop last week, shares of HDFC Bank may attract buy-the-dip brigade but a sustained rally looks limited, says Anand James, Chief Market Strategist at Geojit Financial Services.

“Last week’s fall has eclipsed previous three weeks’ rise, highlighting the bearish undercurrents that is potentially signalling a prolonged bear phase that may not relent until Rs 1322 is seen. Alternatively, expect this view will be challenged if up moves unsettle Rs 1544-1555 region,” he says. Edited excerpts:

Led by the downside in bank stocks, Nifty ended the week around 2% lower. Do you see some green signs in Friday's buying? How tough is it for bulls to hold on to the 20,000 mark?
With Friday extending the week’s losses, we are within touching distance of the 19550 objective set at the start of last week. The proximity of the 50-day SMA at 19626 lends credence to the prospects of a pause to the week-long downtrend, or potentially a reversal move that could aim for 19956-80 as the initial objective. Alternatively, inability to float above 19600 or reclaim the 20030 mark on the bounce could signal resumption of downtrend aiming at 18600. The prospects of the same are low, but a possibility nevertheless.

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How do you read the divergent signals from Nifty Bank and Nifty PSU Bank index. The PSU bank index is on its way to all-time high levels. Best to avoid private banks now?
This divergence has come to be, owing to two main reasons. One, PSU banks being buoyant owing to reports of