HDFC - Is new Pricing channel emerging?

HDFC price has twice breached previous price channel. Once, it has recorded high of 1920. Second time, price has recorded lower high at 1836. An existing price channel is between 1500 to 1760. Let us now blend key announcement with technical analysis. HDFC has announced 20 bps cut in the lending rate to its existing retail loanholders. This will have some impact on revenue and margins as retail loans constitute close to 85% of loan portfolio. Thus, we expect correctiob below 1760.