HDFC Bank Share: Although there are more than 4,000 shares listed in the Indian stock market, there are some selected shares which are considered as the best stocks of the stock market. Lion It is known as a lion because its Market Cap is quite high, Cash Flow There is no shortage of and Fundamentals 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’s stock is being called Kumbhakaran because it has been moving in a range of about 500 points for the last 3 years. Moving in a range means resting or sleeping. The levels on the lower side are Rs 1240-1245 and on the upper side are Rs 1717 to Rs 1734. This fundamentally strong stock has been languishing since 2021. Investors have been waiting for its breakout for a long time. If you are also waiting for its breakout then there is a good news for you.
In the last 3-4 months, HDFC Bank shares have increased Big purchases This has been seen. At present, it is also moving upwards. On this basis, it can be said that at present it is stretching itself while taking rest. Breakout But he will rise and then walk around the stock market like a king!!
Who has made the latest purchase?
HDFC Bank shares worth Rs 7,600 crore in May Mutual funds have bought. Mutual funds have continued to buy HDFC Bank shares for the fifth consecutive month. This means that it has been continuously bought since February. In January, mutual funds bought HDFC Bank shares worth Rs 12,884 crore. Keep in mind that mutual fund houses are called DII (domestic institutional investors). And when these people buy shares, the chances of them running away 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 Experts of Laurence Balanco has said that HDFC Bank is currently preparing to give a breakout. The analyst has said that if HDFC Bank closes above the resistance, it will be a big bullish event in the stock. If Breakout If this happens, it can go up to Rs 2,373. This means that it can rise by 40 percent from the current levels.
Earlier this week, Bernstein said in a report that the bank’s loan mix will improve further and the cost of funds will normalise. The brokerage expects HDFC Bank’s RoA to improve from 1.8 per cent to 2.1 per cent over the next 4 years. It maintained outperform rating on HDFC Bank shares with a target of Rs 2,100.
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Tags: Bank stocks, Hdfc bank, Investment tips, Share market, Stock market
FIRST PUBLISHED : June 27, 2024, 18:14 IST