HDFC BANK share price target and more: Is it time to BUY this banking stock? Expert gives complete investment roadmap

HDFC Bank Share Price Target: India's largest private lender HDFC Bank is a top banking stock to buy, Techncal Analyst Nilesh Jain says. This stock is comfortably placed on the technical charts with significant upsides from here. He gives the complete investment strategy for the HDFC Bank stock below:

Top Stock to Buy - HDFC Bank

At 1:40 pm, the HDFC Bank share price was trading at Rs 1490.60 on the NSE, up by over 1.6 per cent from the previous close. Jain said that the outlook of this stock is positive and a strong growth is expected from here, riding on the strong December Quarter results. The bank posted 18 per cent year-on-year profit for the quarter ended 31 December 2020.

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He puts HDFC Bank target price between Rs 1550 and Rs 1600 with a positional term view. He said that the stock will reach these level over a 30-45-day period. The chart is good and there is an uside of 6-7 per cent open from here, Jain added. HDFC Bank stock is trading positively despite Bank Nifty trading in the red today. This indicates that the stock is holding on to itself. There are chances of a sideways movement in HDFC Bank stock price if there ia any further correction in the Bank Nifty, he opined.

HDFC Bank – Technical View Point

The stocks has been witnessing higher tops and higher bottoms and has been trading above all the short term and long term moving averages. HDFC Bank stock is placed well on the technical charts, Jain said. The downside risks are low. If the markets do well, this counter is poised well to outperform, he said.

HDFC Bank stock will also determine how the Bank Nifty moves from here, he further said.

HDFC Bank share price is trading near the 52-week high of 1502.85 while the 52-week low is 738.75 which it hit on 24 March 2020.