HDFC Bank share price is going to remain bullish till Rs 1715, keep an eye on the level of 1675.
HDFC Bank’s share price is currently a focal point for investors as of September 12, 2024. The stock closed at ₹1,643.90, reflecting a slight decline of 0.38% from the previous trading session. The day’s trading saw fluctuations, with a low of ₹1,634 and a high of ₹1,647.05. This performance comes amid a backdrop of mixed market sentiments and ongoing economic developments impacting the banking sector.
Main Points
HDFC Bank has been a significant player in the Indian banking landscape since its establishment in 1994. As one of the largest private sector banks in India, it offers a wide range of services including retail, commercial, and investment banking. The bank’s market capitalization stands at approximately ₹12,47,941.78 crore, solidifying its position as a leading financial institution in the country.
The stock has experienced notable volatility recently, with a 52-week high of ₹1,791.90 reached on July 3, 2024, and a low of ₹1,363.45 recorded on February 14, 2024. The current price action indicates a cautious approach among investors, particularly as the stock has shown a return of -0.5% in one day and a modest 2.25% increase over the past month.
Analyzing the technical indicators, the daily pivot level for HDFC Bank is set at ₹1,639.73. Resistance levels are identified at ₹1,645.47 (R1), ₹1,652.78 (R2), and ₹1,658.52 (R3). On the support side, levels are marked at ₹1,632.42 (S1), ₹1,626.68 (S2), and ₹1,619.37 (S3). These levels are crucial for traders as they indicate potential price movements in the short term.
The moving averages also provide insight into the stock’s performance. The 5-day Simple Moving Average (SMA) is at ₹1,635.43, while the Exponential Moving Average (EMA) is slightly higher at ₹1,638.67. This suggests a short-term bullish trend, which could influence investor sentiment positively.
HDFC Bank’s recent quarterly results showed a year-on-year increase of 54.39% in advances, outperforming its five-year compound annual growth rate (CAGR) of 19.71%. However, there was a quarter-on-quarter revenue decline of 5.94%, marking the lowest performance in three years. This mixed performance has led to cautious trading activity, with today’s trading volume significantly lower than the average observed over the past week.
Investors are closely monitoring the bank’s operational strategies and market positioning as it navigates through these fluctuations. The current trading volume reached 127,493 shares, a stark contrast to the average of over 12 million shares in recent days, indicating reduced market activity.
The sentiment around HDFC Bank remains cautiously optimistic. Analysts suggest that the stock may be poised for a breakout after two months of consolidation. The potential for further gains is supported by the bank’s strong fundamentals and operational strategies. Predictions indicate that the stock could rally by another 7% if it maintains its upward momentum.
For tomorrow, traders should watch for key resistance levels around ₹1,645 and ₹1,652. A sustained movement above these levels could signal a bullish trend, while failure to hold above the support level of ₹1,632 could lead to further declines.
Disclaimer: The information given in this article is from investment experts and brokerage companies, they do not represent Local Haryana. Before taking any investment related decision, you must consult a certified expert.
