HDFC Bank- the bluechip stock after trading in the green over the past one week surged to an all-time high in trading on November 28. A sharp gain of nearly 5.5 per cent in the last five sessions took the m- company worth around Rs. 14.01 lakh crore mark.
At the last count at the time of writing this copy, shares of HDFC Bank were trading 1.25 per cent higher at 22.7 points at Rs 1,833.7, while today’s high was Rs 1,836.05 per share on the BSE.
On the NSE, the stock hit a new all-time high of Rs 1,836.1 per share.
After the company’s Q2 earnings, Motilal Oswal Financial Services has given the stock a best price target of Rs 2,050- indicating that upside of more than 9 percent is still possible.
The brokerage estimates that the bank will report a gradual recovery in loan growth over FY25-27E and faster earnings growth. So rating the private sector lender o delivers FY26E RoA/RoE of 1.8 percent/14.6 percent. The brokerage reiterated its BUY rating with a TP of Rs 2,050 (2.4x Sep’26E ABV + INR295 for subscribers).
Commenting on the stock technology, Jigar S. Patel- Sr. Manager- Equity Research at Anand Rathi said, “Historically, HDFCBANK has faced a strong resistance problem at the levels of 1800-1790, the stock bounces back from this region in 3-4. Remarkable times.
However, on the positive side, the daily RSI (Relative Strength Index) has remained above 50 for the last 5-6 trading sessions, indicating accumulation of strength and underlying bullish momentum in the stock. Additionally, the stock successfully traded above the R3 level of the Camarilla Pivot (1778), which now acts as a support.
As we move forward, the next key resistance is at R4 (1821.30). A strong close above this level would indicate a break out of the historical resistance zone, which could initiate a strong move to the upside. This breakout may set the stage for a rally towards the 1900–1950 range, which is supported by the momentum seen in the RSI and the position above key pivot levels. For traders and investors, monitoring the stock’s ability to close above 1821.30 will be important in determining the breakout and subsequent strength of the rally.
