In the last 24 months HDFC bank has consistently outperformed the NIFTY and in the last 18 months it's given better results that the BSE:BANK. In the short term the stock has shown side wards movement between 1150 and 1320 levels. Currently the price is in the whereabouts of 1200. The scrip has posted good quarterly results and CAGR on sales and profits YoY are growing. The long term relative strength benchmark shows that the stock is in bullish terrain. The short term (3 month) MACD is positive in indicating further correction is possible. However given the good fundamentals and positive long term trends this would be a good buy with the horizon of 3 to 5 years.
Comment:
Despite correction in the market past few sessions, HDFC is showing good strength. Take positions on dips and banking stocks look good from medium term perspective and India story still looks positive.
Trade active:
Stock showed good traction and moved above 1200 levels. There is a strong support at 1230 levels and this might be a good point to exit the stock.
