Housing Development Finance Corporation (HDFC) rallied 3.81% to Rs 1,781, continuing its rising streak for third day on a strong buying support.
Shares of HDFC spurted 12.76% in three consecutive trading sessions to its current market price of Rs 1,781 from its recent closing low of Rs 1,579.35 hit on Friday, 24 April 2020.
On the technical front, the stock's RSI (relative strength index) stood at 53.735. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading below its 50-day moving average (DMA) placed at Rs 1,893.93 and above its 20-day moving average (DMA) placed at Rs 1,639.71.
HDFC's standalone net profit surged 296.10% to Rs 8,372.49 crore on a 91.7% jump in total income to Rs 20,291.45 crore in Q3 December 2019 over Q3 December 2018.
HDFC is engaged in financing by way of loans for the purchase or construction of residential houses, commercial real estate and certain other purposes, in India.
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