HDFC Bank share price may show weakness, say experts
- HDFC Bank shares have strong support at ₹1,350 and has strong hurdle at ₹1,500 levels, say experts
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HDFC Bank on 17th April 2021 reported 18.17 per cent year-on-year (Y-o-Y) net profit growth, however, it fell short of the market estimates. According to the stock market experts, this lower than expected Q4FY21 results will lead to weakness in the HDFC Bank shares when the market opens on Monday. They said that due to the rise in fear of second wave of COVID-19 pandemic, Bank Nifty is already under pressure and in such a scenario weak quarterly result will definitely get translated in the weakness of the stock.
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Speaking on the HDFC Q4FY21 result impact on HDFC stock performance Saurabh Jain, AVP — Research at SMC said, "At a time when market is under pressure due to the second wave of COVID-19 pandemic, weak results will definitely lead to weakness in the HDFC stock performance. If we look at the important numbers of HDFC Bank, its NPA (Non Performing Asset) is under control and there is no worry for the bank on this front. However, for a private bank, its valuation is decided on its growth and the private lender's growth numbers fail to meet market expectations. So, this disappointment among the stock market investors and traders is expected to get reflected in selloff of the HDFC Bank shares in Monday."
Sharing the important numbers visible on the HDFC Bank share price chart Rohit Singre, Senior Technical Research Analyst, LKP Securities said, "HDFC Bank shares have strong support at ₹1,350 and has strong hurdle at ₹1,500 levels. In current market scenario, the private lender bank is trading in the ₹150 range and on breakage of ₹1,350 levels, it may go up to ₹1,250. Those who have holdings in HDFC Bank shares, they are advised to maintain strict stop loss at ₹1,350." He advised stock traders and investors to come out of their position, in case, ₹1,350 stop loss triggers.
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