HDFC Bank can rise 25% from here to Rs 2,000 level in 6 months, charts show

HDFC and HDFC Bank are expected to perform better in coming months as per the charts.

HDFC Bank Limited (HDFCBANK): Following a breakout over Rs 1,500 levels, the counter is set to rise towards Rs 2,000 with a support of Rs 1,350 mark in the coming six months, as per the weekly chart. The Relative Strength Index (RSI) has entered the overbought condition; but the intermittent selling pressure has not been able to drag the counter lower. This shows strength and momentum, which is expected to be on the positive side. Going forward, a move above Rs 1,650 level may open the door for the stock to hit Rs 1,750 in the coming six months, provided the overall market momentum stays strong. CLICK HERE FOR THE CHART

 
Housing Development Finance Corporation Ltd (HDFC):  The counter has crossed the resistance of Rs 2,800 level with the momentum indicator - RSI and Moving Average Convergence Divergence (MACD) - suggesting an upward trend going ahead. The overall trend suggests that the counter is heading towards Rs 3,000 and then Rs 3,200 levels. A strong support on a closing basis exists at Rs 2,700 levels, as per the daily charts. CLICK HERE FOR THE CHART
 
HDFC Life Insurance Company Ltd (HDFCLIFE): This counter has been resilient and has not been able to cross Rs 730 levels, which has now become the immediate resistance. On the downside, only a close below Rs 700 may see aggressive short-selling. The RSI is supportive of the uptrend until the stock defends 55 value, as per the daily chart. The overall trend indicates a bullish bias with the counter making efforts to cross Rs 730 mark. If that happens, the upside may see a rally towards Rs 800 levels in the days ahead. CLICK HERE FOR THE CHART

 

HDFC Asset Management Company Ltd (HDFCAMC): In the recent sessions, stock stock has been trading sideways with a resistance around Rs 3,100 levels and downside support at Rs 2,925 levels. Only a decisive move on either side will decide the fate. As of now, consolidation is the name of the game. CLICK HERE FOR THE CHART