The stock market ‘lion’ is on the prowl, sleeping for 3 years, ready to roar.
HDFC Bank Share: In fact, more than 4,000 stocks are listed on the Indian stock market. But there are some select stocks that are. lion is recognized as Lion because their Market cap is quite high, Cash flow And there is no shortage. Basic are also very strong. In this list we can count stocks like Reliance Industries, HDFC Bank, and TCS. Today we are talking about HDFC Bank.
HDFC Bank stock is being called Kumbhakaran as it has been moving in a range of around 500 points for the last 3 years. To walk in a range means to rest or sleep. The bottom level is Rs 1240-1245 and the top level is Rs 1717-1734. It’s essentially a strong stock behind 2021. Investors have been waiting for its breakout for a long time. If you are also waiting for its breakout, there is a good news for you.
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Shares of HDFC Bank in last 3-4 months Big purchase has been seen. At present it is also moving upwards. On this basis it can be said that it is currently limping while resting. break out But wake up, and then walk like a king in the stock market!!
Who made the latest purchase?
HDFC Bank’s shares are worth Rs 7,600 crore in May. Mutual funds have bought.For the fifth month in a row, mutual funds continued to buy HDFC Bank shares. This means that there has been continuous buying since February. HDFC Bank shares were bought by mutual funds worth Rs 12,884 crore in January. Note that mutual fund houses are called DIIs (Domestic Institutional Investors). And when these people buy shares, their chances of escape increase. Shares worth Rs 8,432 crore were bought in February, while shares worth Rs 4,600 crore were bought in March. In April, mutual funds bought shares worth Rs 1,890 crore.
What do analysts say?
CLSA Market Expert Lawrence Balanco has said that HDFC Bank is currently preparing for a breakout. The analyst has said that if HDFC Bank closes above the resistance, it will be a major bullish event for the stock. If break out If it does, it could go up to Rs 2,373. This means it could increase by up to 40 percent from the current level.
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Earlier this week, Bernstein said in a report that the bank’s loan mix will improve further and the cost of funds will normalize. The brokerage expects HDFC Bank’s RoA to grow to 2.1% over the next 4 years from 1.8%. It had maintained an outperform rating on HDFC Bank shares with a target of Rs 2,100.
(Disclaimer: The stocks mentioned here are based on the advice of brokerage houses. If you want to invest in any of them, consult a certified investment advisor first. News 18 Any profit or loss of your will not be responsible.)
Tags: Bank Stocks, HDFC Bank, Investment Tips, Stock market, Stock market
First Publication: June 27, 2024, 18:14 IST
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