In its latest research report, Abhishek Jain, stocksidea. com, said that HDFC Bank, which presently stuck in a band of 1141-1150, can give good returns in the short term.

The report further stated that, if the counter is successful to breach 1259, then it will create a huge breakout.

Abhishek Jain has advised investors to hold the stock to achieve a target price of Rs 1275.

Furthermore, the firm has suggested a support level for the scrip at Rs 1024.

Shares of the company, on Friday (May 08), closed at Rs 1143.50 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 1562 and a low of Rs 774 on BSE. Current EPS and P/E of the stock stood at 52.77 & 21.67 respectively.

Mr. Jain said that the stock is looking great to buy for short term traders as well as investors. So buy it and reap heavy returns.

Buoyed by an increase in fee-based income, India's second-biggest lender HDFC Bank has registered a 33.91 per cent increase in net profit, which stood at Rs 630.88 crore for the three month period ended March 2009.

The bank posted this growth in spite of increase in bad debts.

HDFC Bank's net interest income came up by 29% to Rs 1,852 crore, whereas other income increased two fold to Rs 1,114.69 crore.

This was strengthened by a 45.8% rise in fees and commissions to Rs 714.80 crore.

Foreign exchange and derivatives-related incomes grew 152% to Rs 152.8 crore.

Mr. Paresh Sukhtankar, HDFC Bank Executive Director stated that the growth looked higher as, during the fourth quarter of 2007-08, there were a few customers who had contested the derivatives-related claims.

HDFC's net profit for the year-ended March 2009 climbed 41.18% to Rs 2,244.95 crore, as against Rs 1,590.18 crore during 2007-08.