HDFC Bank shares rise 7 per cent in one month
The stock has gained 10.21 per cent over the past week as investors monitor leadership changes and improving fundamentals.
HDFC Bank shares have gained 10.21 per cent over the past week and 7.09 per cent over the past month, according to a report by Mint. Despite this recent pickup in buying interest, the stock remains down 23.80 per cent year-to-date and 23.36 per cent over the past year.
Sunny Agrawal, Head of Fundamental Research at SBI Securities, said that with uncertainty surrounding top-level management addressed, the strategic roadmap of the new Managing Director and CEO will be a key monitorable. Agrawal noted the bank will need to appoint a new Deputy Managing Director and Head of Credit following the resignation of Mr Bharucha.
Gaurav Arora, Head of Research at SAHI, said the bank's asset quality continued to improve, with gross non-performing assets at around 1.10 per cent. However, he noted that margin pressures remain a concern as deposits grow faster than loans while the bank reduces its post-merger credit-deposit ratio.
Technical expert Shitij Gandhi, AVP at SMC Global Securities, said the stock is showing signs of a potential bullish reversal after recovering from the ₹680–685 support zone. He identified ₹755–760 as the immediate resistance zone, noting a breakout could take the stock towards ₹790.
Sachin Gupta, VP of Technical Research at Choice Broking, said the stock has witnessed a positive turnaround after breaking above its falling trendline with strong volume support. He identified the ₹717–720 zone as an important support area to sustain current upward momentum.