HDFC Bank share price to rise 8 pct in one month; Stock market experts advise this money-making strategy
HDFC Bank share price may bounce back up to Rs 1,350 per stock levels after going down to Rs 1,250, say stock market experts.
HDFC Bank share price has scaled from Rs 1,241 per stock levels to Rs 1,280 per stock levels today. If we look at HDFC Bank shares movement in the last three to three and half months when the stock markets started scaling new highs, HDFC Bank stock price has shot up from Rs 1,187 per stock levels to Rs 1,280. According to share market experts, Bank Nifty is weak and even then HDFC Bank has managed to stand its ground. As such, they have suggested share market investors wait for some more correction to happen in HDFC Bank stock as Bank Nifty is still weak and it can go down up to 31,000 levels.
Speaking on the HDFC Bank share price, Simi Bhaumik, a SEBI registered technical stock market expert said, "HDFC Bank shares have made a low of Rs 1,271 and then bounced back at Rs 1,280 levels. Currently, it has strong support at Rs 1,270 levels. Since Bank Nifty is weak, we can witness some more correction in the HDFC Bank counter and the banking stock may break its current support of Rs 1,270 per stock levels."
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Bhaumik said that HDFC Bank shares have heavy resistance at Rs 1,300 to Rs 1,310 and Rs 1,270 to Rs 1,310 range and it doesn't auger well for any investment option. She advised stock market investors to take buy position only when the HDFC Bank shares go down up to Rs 1,255 to Rs 1,260 levels or it sustains above Rs 1,310 levels.
Highlighting the money-making strategy through HDFC Bank shares, Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Bank Nifty is showing weakness and it may go down up to 31,000 levels. This weakness in the Bank Nifty index may lead to some more correction in HDFC Bank shares. However, it has strong support at Rs 1,240 to Rs 1,250. So, my suggestion to stock market investors is to take buy position in the HDFC Bank counter only when it reaches around Rs 1,250 levels maintaining the stop loss at Rs 1,220 per stock levels."
Singre said that it would be an ideal money-making strategy for a stock market investor to buy HDFC Bank shares when it reaches around Rs 1,250 per stock levels. From here, any trigger in the Bank Nifty index would help spike in HDFC Bank shares. Asked about the targets Singre said that HDFC Bank immediate upside target after hitting Rs 1,250 levels would be Rs 1,300 to Rs 1,310 and after braking these levels it would soon hit Rs 1,350 levels in short-term time horizon.
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