Shares of index-heavyweight HDFC Bank Ltd fell 1.17 per cent in Friday's trade to hit a day low of Rs 1,387.25. At this price, the stock was just 0.35 per cent away from its one-year low of Rs 1,382.40, a level seen on January 24, 2024. And, it has slumped 21.08 per cent from a 52-week high level of Rs 1,757.80, hit on July 3 last year.
The stock saw heavy trading volume today as 12.56 lakh shares were last seen changing hands on BSE. The figure was higher than the two-week average volume of 9.27 lakh. Turnover on the counter stood at Rs 176.20 crore, commanding a market capitalisation (m-cap) of Rs 10,63,112.29 crore.
On the earnings front, the country's largest private sector bank has recorded a 34 per cent jump in its third-quarter standalone net profit (Q3 FY24), at Rs 16,373 crore, compared to Rs 12,259 crore in the corresponding quarter last fiscal. Its total income rose to Rs 81,720 crore in the October-December quarter of FY24 against Rs 51,208 crore in the year-ago period.
Technical analysts largely suggested that support on the counter could be seen around Rs 1,380-1,350 levels. Resistance may be found at the Rs 1,450-1,480 zone. And, a decisive breach above the higher end of resistance area (Rs 1,480) can improve the overall structure, one of the analysts said.
"HDFC Bank has entered into the oversold territory. Immediate support will be at Rs 1,350 and resistance at Rs 1,450. The stock can only sustain the buying traction once it decisively moves above the Rs 1,450 zone," Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, told Business Today TV.
"The stock has got resistance near Rs 1,480 level. Major support will be near the Rs 1,380-1,365 zone. The overall structure would improve only after a decisive breach above Rs 1,480. The bias slightly weak at present. We expect some rangebound move between the Rs 1,430 and Rs 1,380 levels," said Shiju Koothupalakkal, Technical Research Analyst at Prabhudas Lilladher.
"Support will be at Rs 1,375 and resistance at Rs 1,425. A decisive close above Rs 1,425 level may trigger a further upside till 1,475. The expected trading range will be between Rs 1,350 and Rs 1,525 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.
The counter traded lower than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, 200-day simple moving averages (SMAs). The scrip's 14-day relative strength index (RSI) came at 27.39. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company's stock has a price-to-equity (P/E) ratio of 18.91 against a price-to-book (P/B) value of 2.63. HDFC Bank has a one-year beta of 0.6, indicating low volatility on the counter.
(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)
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