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HDFC Bank can rally 10% if it conquers Rs 1,550-hurdle, chart indicates

The trend seems buoyant on the weekly chart with the 200-WMA, placed at Rs 1,285-level, acting as a major support for the stock.

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Avdhut Bagkar Mumbai
Shares of HDFC Bank traded on a volatile note this Monday, even as the private lender posted a 20 per cent YoY rise in net profit in Q2FY23. The July-September quarter numbers were mostly in line with analysts’ expectations, which anticipated a strong growth in Net Interest Margin, at 18.9 per cent.  READ MORE

Thus far this calendar year, HDFC Bank has witnessed a wild ride on the bourses in the backdrop of the proposed merger with HDFC. After hitting a 52-week low in March 2022, the stock reversed sharply and rallied near its all-time high of Rs