HDFC Bank Share Price Update
As of September 30, 2023, at 13:00, HDFC Bank shares are trading at ₹1728.7, reflecting a decline of 1.38% from the previous closing price. In the broader market, the Sensex is also showing a downward trend, currently at ₹84595.12, down by 1.14%. Throughout today, HDFC Bank’s stock has experienced a high of ₹1752 and a low of ₹1726.65.
Technical Analysis
The technical indicators present a favorable outlook, with the stock trading above the 10, 20, 50, 100, and 300-day Simple Moving Averages (SMA), while it is below the 5-day SMA. This suggests that while the stock might be facing short-term resistance, the long-term trend remains positive. Support levels are established at the 10, 20, 50, 100, and 300-day SMA, while immediate resistance is anticipated at the 5-day SMA.
Key Support and Resistance Levels
Based on classic pivot level analysis, HDFC Bank has key resistance levels at:
- ₹1771.37
- ₹1788.88
- ₹1799.57
Conversely, the critical support levels are:
- ₹1743.17
- ₹1732.48
- ₹1714.97
Trading Volume Insights
Up to 1 PM today, trading volume on both the NSE and BSE for HDFC Bank has decreased by 25.08% compared to the previous trading session. Monitoring trading volume is essential as it can indicate ongoing trends. A positive price movement accompanied by high trading volume typically signals sustained growth, while negative price movement with an increase in volume may suggest further price declines.
Overall Market sentiment
According to recent technical analysis from Mint, HDFC Bank is currently experiencing a robust bullish trend, indicating investor confidence in its future performance. However, it is essential to consider the overall market conditions, where benchmark indices Nifty and Sensex are both down by 1.07% and 1.14%, respectively.
Fundamental Analysis
From a fundamental standpoint, HDFC Bank boasts a Return on Equity (ROE) of 17.18%, which highlights its profitability relative to shareholder equity. The stock’s current Price-to-Earnings (P/E) ratio stands at 19.58, and the Price-to-Book (P/B) ratio is at 2.80, indicating an attractive valuation for potential investors.
Shareholder Composition
The company’s promoter holding is at 25.52%, while Mutual Fund (MF) ownership stands at 8.21%—a slight increase from 8.11% in March. Additionally, Foreign Institutional Investor (FII) holding has decreased from 47.81% in March to 47.15% as of June quarter filings, reflecting a shifting sentiment among international investors.
1-Year Forecast Outlook
Looking ahead, the median 1-year forecast for HDFC Bank suggests an upside potential of 9.79%, targeting a price of ₹1898.00. This forecast underlines the positive outlook for the bank, encouraging potential investors to consider HDFC Bank as part of their investment strategy.
