HDFC Bank can rally 11% to a new high of Rs 1,750, suggest tech charts

Once the hurdle mark is decisively conquered on the higher side, the upside rally may see a new all-time high

The shares of HDFC Bank opened nearly 3 per cent higher after the Reserve Bank of India (RBI) lifted restrictions on issuing credit cards, which it detained last December. However, RBI's ban on the bank introducing new digital initiatives will continue. READ MORE

This development, brokerages believe, addresses key overhang on the stock as the lender is the largest credit card issuer in the country. "HDFC Bank has underperformed and has been range-bound over the last couple of months owing to pressure on NII growth and margins. The lifting of these RBI restrictions thus addresses the key overhang.