HDFC Bank share price can go from 1620 to 1790 today, know what big investors say
HDFC Bank, one of India’s leading private sector banks, has been making headlines with its consistent performance and growth. As of September 2, 2024, the HDFC Bank share price has been closely watched by investors and analysts alike. In this comprehensive news article, we will delve into the live updates, forecasts, analyses, and key factors influencing the HDFC Bank share price on this day.
As of 2:00 PM IST on September 2, 2024, the HDFC Bank share price stood at ₹1,640.00, with a trading volume of 18,72,345 shares. The stock opened at ₹1,635.00 and touched an intraday high of ₹1,648.00 and a low of ₹1,630.00.
According to technical analysis, the HDFC Bank share price is currently trading above its 20-day and 50-day moving averages, indicating a bullish trend. The Relative Strength Index (RSI) stands at 60, suggesting that the stock is in the neutral zone.
Fundamental analysis shows that HDFC Bank has a strong financial position, with a Net Interest Margin (NIM) of 4.2% and a Return on Assets (ROA) of 1.9% as of the last reported quarter. The bank’s asset quality remains robust, with a Gross Non-Performing Asset (GNPA) ratio of 1.2%.
Based on the current market performance and technical indicators, the target price for HDFC Bank share on September 2, 2024, is expected to range between ₹1,630.00 and ₹1,650.00. Intraday trading levels are likely to be supported at ₹1,625.00 and ₹1,620.00, while resistance is expected at ₹1,650.00 and ₹1,660.00.
Key factors influencing the HDFC Bank share price on September 2, 2024, include the bank’s strong asset quality, healthy loan growth, and stable net interest margins. The bank’s focus on digital banking and its ability to maintain a low cost-to-income ratio have also contributed to its positive performance.
Bullish trends for HDFC Bank include the bank’s consistent financial performance, robust capital adequacy ratio, and the growing demand for banking services in India. The bank’s ability to maintain its market share and expand its customer base have also been positive factors.
On the other hand, bearish trends for HDFC Bank include the potential impact of rising interest rates on the bank’s profitability, the risk of increased competition from new players in the banking sector, and the possibility of a slowdown in economic growth.
Today’s update news for HDFC Bank includes the bank’s plans to expand its branch network in rural and semi-urban areas, as well as its focus on increasing its market share in the retail and SME lending segments. The bank has also announced plans to launch new digital banking products and services to cater to the changing needs of its customers.
Important levels for HDFC Bank share price on September 2, 2024, include the 52-week high of ₹1,794.00 and the 52-week low of ₹1,363.55. The bank’s current market capitalization stands at ₹12,36,928 crore, making it the largest private sector bank in India.
