HDFC Bank poised for bullish breakout, says CLSA analyst

Team BL Updated - June 27, 2024 at 07:22 AM.

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.

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Read also: HDFC Bank Share Price Highlights 26 June 2024:

Published on June 27, 2024 01:48
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