New Delhi: HDFC Bank shares rose 3.54 percent to hit a high of R 1,791.90 in early trade on BSE amid likely weight increase in MSCI index slated to happen in August.
At yesterday’s close shares HDFC ended higher by 1.51 per cent at Rs 1,730.55 apiece on the BSE, while the BSE Sensex ended lower by 0.04 per cent at 79,441.
“The stock last year on July 3 scaled its all-time high levels of Rs 1,757.8 and since then has largely remained rangebound, while in the past month it has climbed nearly 10 per cent,” Zeebiz has reported.
Avdhut Bagkar, Derivatives & Technical Analyst, at StoxBox said, “The trend is resilient, with price action trading determined to reach uncharted territories, forming “Higher High, Higher Low” formation.
Bagkar added, immediate support emerges at 1650, followed by 1600, which are its crucial breakout marks in the recent upward trend. Moreover, the formation of “Golden Cross” has further strengthened the optimistic outlook, with price aiming to hit 2000 mark in the near future.
Despite the stock trading in the overbought category of Relative Strength Index (RSI), the price action is displaying robust momentum to scale higher levels, he said.