HDFC Bank Share Price Closes 1 Percent Higher in Weak Market
HDFC Bank Share Price managed to close a percent higher and supported the indices even as market sentiment remains cautious. HDFC Bank opened the session at Rs 1,682 and touched intraday high at Rs 1,710 before closing at Rs 1,698. The stock has remained in a narrow range while many other blue-chip stocks have witnessed intense selling pressure over the last few weeks. With a market capitalization of ₹13.00 lakh crore, a P/E ratio of 18.66, and a dividend yield of 1.15%, investors are eyeing its growth trajectory.
Analyst Ratings & Target Prices
Several analysts have updated their outlook on HDFC Bank within the last three months:
Goldman Sachs (Feb 2025): Target price ₹1,850 – Buy
Jefferies (Jan 2025): Target price ₹1,920 – Overweight
Morgan Stanley (Dec 2024): Target price ₹1,800 – Equal-weight
With most analysts holding a bullish stance, HDFC Bank remains a strong contender in the banking space.
Global brokerage Bernstein has favored HDFC Bank over ICICI Bank, citing expectations that the narrowing Return on Assets (RoA) gap will offset HDFC Bank’s relatively slower growth. According to Bernstein, this convergence in profitability metrics could enhance long-term returns, making HDFC Bank the more compelling investment choice.
Technical Analysis: What Do the Charts Say?
1. Candlestick Pattern Analysis
Bullish Engulfing Pattern: Observed near ₹1,670 support, indicating a possible reversal.
Doji Formation: Found around ₹1,710 resistance, suggesting market indecision.
Rising Trendline Support: Positioned at ₹1,660, strengthening bullish sentiment.
2. Fibonacci Retracement Levels
Key Fibonacci levels from the 52-week high of ₹1,880 to the low of ₹1,397 are:
| Retracement Level | Price (₹) |
|---|---|
| 23.6% | ₹1,542 |
| 38.2% | ₹1,610 |
| 50.0% | ₹1,638 |
| 61.8% | ₹1,685 |
| 78.6% | ₹1,742 |
A break above ₹1,685 (61.8% level) could push the stock towards ₹1,742.
Strong support at ₹1,610 (38.2% level) suggests limited downside.
3. Support and Resistance Levels
Immediate Resistance: ₹1,710 (recent high)
Major Resistance: ₹1,742 (Fibonacci 78.6%)
Immediate Support: ₹1,638 (50% retracement)
Strong Support: ₹1,542 (23.6% retracement)
Investment Strategy: What Should Investors Do?
For Short-Term Traders
A breakout above ₹1,710 signals bullish momentum.
Maintain a stop-loss at ₹1,638.
Potential upside towards ₹1,742 in the near term.
For Long-Term Investors
Accumulation Zone: ₹1,610 – ₹1,638 (strong support levels).
Target: ₹1,850+ in the next 6–12 months based on fundamentals.
Strong banking sector tailwinds and rising loan growth make HDFC Bank a stable long-term bet.
