Hot Stock Tip! Make money, experts say buy HDFC Bank shares, get 8 pct returns in just 2 weeks
HDFC Bank share price: The banking stock is trading above its 200 days exponential average and would give at least 7-8 per cent returns in two weeks, say experts.
HDFC Bank share price: Stock markets have once again started to surge after the budget surcharge waiver. However, for the share market investors, this is the time when they can maximise their earnings after having suffered massive losses when Dalal Street tanked. According to the stock market experts, banking and auto stocks are expected to outperform other sectors and hence it becomes important to choose the right counter at the right time to make lots of money.
As per the stock market experts, rise in Indian indices would be fuelled mainly by the FIIs as they had fished out their money from Indian equity in recent few months and now they are back with positive sentiments. Their top choice would be in banking stocks - HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank are going to be the major beneficiaries in this fresh FII buying. Out of these four banking stocks, HDFC Bank is expected to outperform other banking stocks mentioned as it has received the maximum beating in the recent selloff.
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Speaking on the HDFC Bank share price outlook Prakash Pandey, MD and CEO at Plutus said, "The HDFC Bank share price has strong support at Rs 2,210 and can break its immediate resistance at Rs 2,295 per stock levels. Once this resistance is broken, it can show us Rs 2,450 per stock levels in two weeks." Currently, the HDFC Bank share price is trading at Rs 2,255 per stock levels (11:22 PM). Pandey said that the HDFC Bank has made a 200 days exponential break out and is poised for an upside wing for near 7-8 per cent at least.
Expecting fresh buying and further bullishness in the HDFC Bank share price Simi Bhaumik, a SEBI registered technical equity analyst said, "In recent selloff triggered by the bears at the Indian stock market, HDFC Bank share price received heavy correction and hence, once the positive sentiment has come back, the banking stocks are expected to recover at faster rate." Bhaumik also expected fresh buying in HDFC Limited as this stock also expected to attract a good pie of the fresh investments coming into the Indian stock market. She went on to add that banking and auto stocks are expected to fuel the upcoming bull run at Dalal Street and HDFC bank would be one of the beneficiary counters that would receive a majority of the fresh buying among the banking stocks. She advised investors to hold their positions in the HDFC Bank shares as banking and financial stocks are expected to outperform other sectors in coming days at Dalal Street.
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