CLSA’s analysts Laurence Balanco anticipates a significant breakthrough in the stock price of HDFC Bank,
Since the beginning of 2021, HDFC Bank has traded within a defined range, with resistance levels at ₹1,717-₹1,734 and support levels at ₹1,240-₹1,245.
Balanco notes that if the stock manages to close above the resistance range of ₹1,717-₹1,734, it would signal a bullish breakout after more than two years of consolidation.
Such a breakout could propel HDFC Bank towards an upside target of ₹2,373, potentially marking a substantial increase of 35-38 per cent.