 "Merger deal may help HDFC, HDFC Bank hit record highs, 15% upside likely")
Shares of HDFC and HDFC Bank zoomed sharply in intra-day deals on Monday after the boards announced the merger of the two behemoths. HDFC hit the 15 per cent upper circuit, while HDFC bank surged as much as 13 per cent. READ MORE
Other group stocks, HDFC Life Insurance Company and HDFC Asset Management Company also witnessed similar rallies. Both stocks jumped up to 7 per cent each.
HDFC Bank Limited (HDFCBANK)
Likely target: Rs 2,000
Upside potential: 16%
The Shares of HDFC Bank are attempting to conquer its all-time high placed at Rs 1,725 on the back of robust volume at the counter. Following today's sharp up move and momentum, support for the stock now exists at Rs 1,600 level, and as long as the stock defends this crucial mark, the bullish bias is expected to help the stock gain higher ground going ahead.
The positive trend appears to be headed in the direction of Rs 2,000 in coming sessions, shows the daily chart. CLICK HERE FOR THE CHART
Housing Development Finance Corporation Ltd (HDFC)
Likely target: Rs 3,200
Upside potential: 15%
With today's strong gap-up move, the stock gained 15 per cent and indicates further bullishness in the coming sessions. The stock crossed its 200-day moving average (DMA) set at Rs 2,623 level suggesting a positive rally ahead. In addition, every move above Rs 2,825 level should trigger short covering and the addition of longs, shows the weekly chart.
The overall bullish trend seems headed towards Rs 3,220 with major breakout to emerge on sustained trade above Rs 2,825-level. CLICK HERE FOR THE CHART
Other group stocks, HDFC Life Insurance Company and HDFC Asset Management Company also witnessed similar rallies. Both stocks jumped up to 7 per cent each.
HDFC Bank Limited (HDFCBANK)
Likely target: Rs 2,000
Also Read
The Shares of HDFC Bank are attempting to conquer its all-time high placed at Rs 1,725 on the back of robust volume at the counter. Following today's sharp up move and momentum, support for the stock now exists at Rs 1,600 level, and as long as the stock defends this crucial mark, the bullish bias is expected to help the stock gain higher ground going ahead.
The positive trend appears to be headed in the direction of Rs 2,000 in coming sessions, shows the daily chart. CLICK HERE FOR THE CHART
Housing Development Finance Corporation Ltd (HDFC)
Likely target: Rs 3,200
Upside potential: 15%
With today's strong gap-up move, the stock gained 15 per cent and indicates further bullishness in the coming sessions. The stock crossed its 200-day moving average (DMA) set at Rs 2,623 level suggesting a positive rally ahead. In addition, every move above Rs 2,825 level should trigger short covering and the addition of longs, shows the weekly chart.
The overall bullish trend seems headed towards Rs 3,220 with major breakout to emerge on sustained trade above Rs 2,825-level. CLICK HERE FOR THE CHART
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