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CLSA’s analysts Laurence Balanco anticipates a significant breakthrough in the stock price of HDFC Bank.
Since the beginning of 2021, HDFC Bank has traded within a defined range, with resistance levels at ₹1,717-₹1,734 and support levels at ₹1,240-₹1,245.
Balanco notes that if the stock manages to close above the resistance range of ₹1,717-₹1,734, it would signal a bullish breakout after more than two years of consolidation.
Such a breakout could propel HDFC Bank towards an upside target of ₹2,373, potentially marking a substantial increase of 35-38 per cent.
Read also: HDFC Bank Share Price Highlights 26 June 2024:
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