HDFC Bank can test Rs 1300: Mathew

Technical Analyst, E Mathew is of the view that HDFC Bank can test Rs 1300.

Mathew told CNBC-TV18, "Yesterday HDFC Bank, UCO Bank, Bank of Baroda, Bank of Maharashtra, Axis Bank all of them had something what we call price volume breakout and in a pullback rally, one do not see something like this huge price volume breakout. I maybe jumping the gun but this could be much more than a pullback rally. HDFC Bank specially is looking good to me. It has formed a good accumulation pattern at lower level around Rs 1,120 zone and now that it is above Rs 1,200 that is significant. We could see HDFC Bank possibly in this rally albeit maybe a little slow go up to Rs 1,300. The only worrying part in the financials is that State Bank which is the leader that is still not giving a cue unlike HDFC Bank that it has bottomed out."

Disclosure: Analyst, his associate company/his clients may have trading positions in the above stocks.