Buy HDFC Bank; target of Rs 657: IIFL

IIFL is bullish on HDFC Bank and has recommended buy rating on the stock with a target of Rs 657 in its April 12, 2013 research report.
 
“HDFC Bank on the weekly line chart has signaled breakout from ‘falling wedge’ above Rs632. On the daily chart, the stock also broke above its 200-DMA which earlier acted as steady supply zone since last three weeks. Any pullback to retest the breakout point (Rs632) should be viewed as a buying opportunity with better risk reward ratio. The 50-DMA in the counter is placed at Rs642, which becomes near term price resistance, above which stock test Rs670. The daily RSI is indicating positive crossover, thus reinforcing positive trend in the counter. (Duration 5 days),” says IIFL research report.

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