Technical analyst Mitesh Thacker is bullish on HDFC Bank and maintained 'buy' rating on the stock to achieve a medium term target.

According to Mr. Thacker, the interested investors can buy the stock around Rs 1835-1850 for 20-25% gains in 3-6 months.

Today, the shares of the bank opened at Rs 177 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 179.30 and a low of Rs 40 on BSE.

Current EPS & P/E ratio stood at 30.83 and 11.26 respectively.

HDFC Bank announced a 31.3% growth in its net profit, which stood at Rs 2,948.7 crore for financial year ended on March 31, 2009-10.

The bank said that its net revenue in 2009-10 grew by 13.8% to Rs 12,194.2 crore.

In 2009-10, the gross non-performing assets ratio fell 1.43% of the gross advances as against 1.98% in 2008-09.

As on March 31, HDFC Bank's CAR was 17.4% as against 15.7% in 2008-09, whereas the regulatory condition is 9%.

For the quarter ended on March 31, 2010, HDFC Bank's net profit increased by 32.6 crore to Rs 836.6 crore.

The bank's quarterly net interest income grew by 27% to Rs 2,351.4 crore.

Moreover, HDFC Bank declared a dividend of Rs 12 a share.