Shares of HDFC Bank were seen trading higher in Wednesday’s trade. The stock was up 0.59 percent to trade at Rs 1,468.50. At this price, it has slipped 13.65 percent on a year-to-date (YTD) basis.
Technical analysts largely remained positive on the counter, suggesting a strong upside.
“HDFC Bank has been an underperformer but we remain optimistic on the counter. We are still maintaining a target price of Rs 2,000,” Gaurang Shah, Senior VP at Geojit Financial told Business Today TV.
“Current setup suggests a strong upside. The expected near-term target would be Rs 1,596,” said Mitesh Panchal, a Sebi-registered analyst.
The counter was trading higher than the 5-day, 10-, 20-day, and 30-day simple moving averages (SMAs) but lower than the 50-day, 100-, 150-day, and 200-day SMAs. The counter’s 14-day relative strength index (RSI) came at 57.04. A level below 30 is defined as oversold while a value above 70 is considered overbought.
The company’s stock has a price-to-equity (P/E) ratio of 19.67 against a price-to-book (P/B) value of 2.74. Earnings per share (EPS) came at 74.22 with a return on equity (RoE) of 13.91.S.
The article originally appeared on Business Today.