Stock Radar: Technical charts suggest HDFC Bank is likely to hit fresh record highs in next 3-6 months; time to buy?
HDFC Bank outperformed Nifty Bank for the week ended 20 January. Nifty Bank was up 0.3%, while HDFC Bank rallied nearly 4% in the same period.
Synopsis
The stock price is at a bullish inflection point. It rose nearly 4% in a week, over 14% in the last 3 months, and over 20% in last 6 months.
HDFC Bank Ltd, part of the private banking space, has given a breakout above the trendline pattern on the weekly charts, which has opened room for the stock to surpass its record high placed at Rs 1,721 and could be headed towards Rs 1800, suggest experts.The private sector lender is just 4% away from its record high. If the strength in the banking counter continues, the stock could well head towards Rs 2,000 in the next 3-6 months, they say.The
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