HDFC Bank's quarterly result effect: Stock market experts bet high on banking shares
Stock market experts believe that HDFC Bank shares can give around 23% gains if invested for long-term.
The stock market's banking major HDFC Bank's strong quarterly results and the fundamentals of the company already being strong is attracting the focus of share market experts. The Dalal Street experts are of the opinion that the HDFC Bank counter has a positive bias and can soar up to Rs 2700 per share for a long-term perspective and in the short-term perspective, the counter may touch Rs 2400 per share, say experts. Currently, the stock is oscillating around Rs 2260/stock levels means a stock market investor can expect to register around 20 per cent gain in long-term while in short term, the return can be around 7-8 per cent.
Speaking on the HDFC Bank counter Rajiv Mehta, Analyst at Yes Securities said, "On account of strong loan growth, stable asset quality and earnings to witness 23 per cent CAGR over FY19-21, the HDFC Bank shares are showing strong upside momentum and can touch Rs 2700 per share levels in 12 months."
Standing in sync with Yes Securities' views Chintan Shah, Research Analyst at Elara Securities said, "The HDFC Bank shares are bullish in mid-term perspective and can show Rs 2483/share levels in two to three month time i.e. in the short-term perspective." He said that the fundamentals of the counter are putting HDFC Bank into the favourite zone of the bulls at Dalal Street.
Asked about the technicals of the HDFC Bank shares Rohit Singre, Senior Technical Research Analyst at LKP Securities said, "Technically, the HDFC Bank is positive. In the short-term perspective, the counter seems bullish but in coming to few trading sessions, we can witness some correction in the banking major and suggest stock market investor adopt buy on dips strategy in regard to this counter." On his suggestion to the stock market investors in regard to HDFC share price Rohit Singre of LKP Securities said, "An investor can take a buy position in the counter at around Rs 2240-2250 per stock levels taking stop loss of Rs 2200 for the short-term target of Rs 2400."
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