HDFC Bank share price up 2%, hits record high after CLSA retains 'buy'
In the medium term, the opex efficiency has room for improvement though HDFC Bank is one of its top picks, says CLSA.
November 24, 2020 / 09:48 AM IST
HDFC Bank share price gained 2 percent, hitting a new high in the morning session on November 24 after CLSA maintained "buy" on the stock.
The research firm retained is buy rating and raised the target from Rs 1,525 to Rs 1,700 per share. The research firm is of the view that the macro- environment has improved after lockdown, adding that the better use of data analytics is leading to lower retail stress against PAT cycles.
The firm feels that in the medium term, opex efficiency still has room to improve and the private bank is one of its top picks.
The stock was trading at Rs 1,420.50, up Rs 25.65, or 1.84 percent at 0934 hours. It has touched an intraday high of Rs 1,421.80 and an intraday low of Rs 1,407.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the stock is showing strong momentum: price above short, medium and long-term moving averages. The company has zero promoter pledge. FII/FPI or institutions have increased their shareholding.
Moneycontrol technical rating is very bullish with moving averages and technical indicators being bullish.Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions