Shares of HDFC Bank Ltd rose 1.10 per cent in Wednesday's trade to hit a high of Rs 1,787.90. At this price, the stock has climbed 9.05 per cent in a month to hover near its record high of Rs 1,791.90, a level seen on July 3 this year.
As per BSE data, a block deal happened today in which 30,72,730 shares, valued at Rs 543.27 crore, changed hands. The floor price for the deal was set at Rs 1,768.05. However, the official buyers and sellers of the block deals are not yet known.
Last checked, turnover on the counter came at Rs 606.13 crore, commanding a market capitalisation (m-cap) of Rs 13,55,686.40.
Analysts largely remained positive on the counter along with "some intermittent fluctuations." On technical setup, support could be seen at Rs 1,770, followed by Rs 1,755 and Rs 1,700 levels.
Osho Krishan, Senior Research Analyst - Technical & Derivatives at Angel One, said, "HDFC Bank has exhibited an impressive rally of around 9 per cent in the current month and is approaching its all-time highs. As a heavyweight in the market, such a rally plays a pivotal role in shaping the market trend. Following a period of consolidation around the Rs 1,640 mark, the stock has demonstrated robust momentum in terms of both price and trading volumes. Looking ahead, it seems likely that the stock will continue its upward trajectory into uncharted territory, albeit with some intermittent fluctuations. Notably, Rs 1,700 level serves as a strong support, and a breach above Rs 1,800 could potentially catalyze a fresh surge in momentum within a comparable timeframe."
Sebi-registered research analyst AR Ramachandran said, "The stock price is bullish but very overbought on daily charts with next resistance at Rs 1,813. Investors should book profits at current levels as a daily close below support of Rs 1,755 could lead to a downward target of Rs 1,630 in the near term."
Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking, said, The stock has potential to hit Rs 1,850 in the near term. Keep stop loss placed at Rs 1,770."
The scrip traded higher than the 5-day, 10-, 20-, 30-, 50-, 100-, 150-day and 200-day simple moving averages (SMAs). The stock's 14-day relative strength index (RSI) came at 81.41. A level below 30 is defined as oversold while a value above 70 is considered overbought.
As per BSE, the lender's stock has a price-to-equity (P/E) ratio of 20.69 against a price-to-book (P/B) value of 3.07. Earnings per share (EPS) stood at 85.48 with a return on equity (RoE) of 14.86.
HDFC Bank is the third-largest valued company on Dalal Street (D-St), preceded by Tata Consultancy Services (TCS) Ltd and Reliance Industries Ltd (RIL).