HDFC BANK- Could It Go Below 500 a Share?
HDFC Bank Ltd (NS:HDBK) the largest private sector bank in terms of asset base, sales, net profits and host of other important parameters that have come under heavy selling pressure. The stock lost close to 42 percent of its value in the last 3 months, when it came down from 1304 to around 760 as on March 23, 2020. Considered as a one of the safest bets in the private banking space and a comfortable passive investment option HDFC bank has rewarded handsomely all investors who managed to ride the phenomenal upmove from around 600 levels in early 2017. However, despite the bank having displayed stellar growth in the past, the market hasn't been kind in the recent carnage. The flight to safety, especially from emerging markets as well as the fear of a protracted downturn, and absence of any concrete post-pandemic economic revival plan at this stage, all seem to have contributed to the pain experienced by the largest private sector lender in India. Technical Outlook ...