HDFC Bank’s Stock Slide: In the past five days, HDFC Bank shares have dropped over 6%.
This decline followed a rating adjustment by Nomura, shifting from “Buy” to “Neutral” and lowering the target price from Rs 1970 to Rs 1800.
Analysts Remain Positive
However, domestic brokerage firms continue to be optimistic about HDFC Bank shares. Prabhudas Lilladher has set a target price of Rs 2025, while ICI Securities has it at Rs 2000.
Analyst Recommendations
Out of 42 analysts tracking the stock, 24 strongly recommend buying, and 15 suggest buying, while only three advise holding.
Foreign Investors Show Interest
Foreign investors have shown interest in this banking stock. Their holdings increased from 32.24% in the March 23 quarter to 33.38% in the June quarter.
Domestic and Promoter Holdings
Domestic institutional investors reduced their stake from 28.03% to 26.68%, and promoters also slightly reduced their stake from 25.59% to 25.52%.
52-Week Range
HDFC Bank’s stock has ranged from Rs 1,365 (52-week low) to Rs 1,757 (52-week high) after the announcement of the HDFC merger.
Relative Strength Indicator (RSI):
The stock’s RSI currently stands at 38, approaching oversold levels. An RSI below 30 indicates an oversold condition.
This stock has dropped from Rs 5.52 and has delivered a remarkable 28008% return over the past 24 years.
