F&O Query: Analysis of HDFC Bank call options

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 accouncement 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.

Send your queries to derivatives@thehindu.co.in

Published on February 11, 2026