One can sell HDFC Bank. The stock is mimicking the Bank Nifty on a slightly lower note. It is on the verge of a breakdown, says Sudarshan Sukhani of s2analytics.com.
Sukhani told CNBC-TV18, "HDFC Bank is mimicking the Bank Nifty on a slightly lower note. It is on the verge of a breakdown. Today, the market might open slightly higher as the SGX Nifty suggests but that will not change the scenario. It just means that you move your stops a little higher. If the open is higher then you sell higher also and move the stocks higher. That is a trading method. However, this stock is likely to breakdown from these lofty highs. If not anything it will give us a correction and for a short-term trader that is enough.
At 09:51 hrs HDFC Bank was quoting at Rs 671.40, down Rs 9.65, or 1.42 percent. It has touched an intraday high of Rs 678.50 and an intraday low of Rs 670.35.
The share touched its 52-week high Rs 705 and 52-week low Rs 492.90 on 30 November, 2012 and 23 May, 2012, respectively. Currently, it is trading 4.77 percent below its 52-week high and 36.21 percent above its 52-week low. Market capitalisation stands at Rs 159,803.09 crore.