NSE :HDFCBANK BSE :500180 Sector : Banks
About Company: The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an ‘in principle’ approval from the Reserve Bank of India (RBI) to set up a bank in the private sector. HDFC Bank is a publicly held banking company, the bank was incorporated in August 1994 in the name of ‘HDFC Bank Limited’, with its registered office in Mumbai, India. It is engaged in providing a range of banking and financial services including retail banking, wholesale banking and treasury operations. It is promoted by HDFC Ltd. which has 19.32% stake as on September 30, 2020. Currently, HDFC Bank Ltd. (HBL) is the largest private sector bank in India. As on March 31, 2020, the bank’s total balance sheet size stood at Rs. 15,30,511 Cr.
News in Stock: Today Stock corrected post Q1 FY22 Results announcement, HDFC Bank’s consolidated net profit for the June quarter increased 14 per cent to Rs 7,922 crore, but the largest private sector lender reported reverses because of the second wave of the pandemic which compressed its growth. When compared with the preceding March quarter’s Rs 8,434 crore, there was a decline in the consolidated profit.
Daily Chart of HDFCBANK:
Technical Outlook of HDFCBANK:
HDFCBANK stock corrected 3.37% and closed at 1471.00 on NSE. Gap down opening was seen in stock and slides more during intraday trading session. Heavy weight banking stock created pressure on the Bank Index. Today’s Q1 results announcement in HDFCBANK can hamper the market mood for the next few trading sessions. Stock was trading in an “upwards sloping channel pattern” as marked on the chart above. On the Flip side today on Monday 19th July 21 stock broke the channel pattern support and closed below it, but managed to close at 100 Days exponential moving average which lies at 1471. If stock sustains below 1471 in the next trading session stock can further slide to lower levels at 1455 and 1428, EquityPandit suggest swing traders to go short on the stock below 1465 for the targets of 1428 with stop loss placed above today’s highs 1488.85