HDFC Bank Limited (HDB) Momentum Continues

The stock of HDFC Bank Limited (NYSE:HDB) has been Downgraded to Mkt Perform from Outperform by Bernstein in its latest research note that was published on September 09. Nomura analysts have downgraded their rating of HDB stock from Buy to Neutral in a separate flash note to investors on June 11. Analysts at Morgan Stanley issued an upgrade fromEqual-Weight to Overweight for the stock, in a research note that dated back to July 25.

HDFC Bank Limited currently have the market capitalization of above $88 Billion, published in its last quarter earnings report.

HDB surged by $1.32 during the normal trading session on Thursday and reaching a high of $106.32 during the day while it closed the day at $104.92. The HDFC stock had a low trading volume of 1.39 million shares on that day, which is low compared to the average daily volume of 875.65M shares. HDB has also gained 1.30% of its value over the past 7 days. However, the stock has declined by 17.52% in the 3 months of the year. Over the past six months meanwhile, it has lost 4.82% while it has added 1.48% year-on date. Let us now take a look at the stock’s potential support and resistance levels. The publicly traded company was seen to have slipped by -20.38% from its 3 months high price. However, taking another look at HDB will indicate that it is trading +1.92% away from its 90-day low. Looking at the bigger picture, the HDFC Bank Limited stock has dropped by -20.38% from its 52-week high while it has surged by +22.81% from its 52-week low price.

Looking at the stock’s Technical analysis information over the past 50 days shows that its Raw Stochastic average stood at 6.87%. This figure is worse than the company’s 20-day Raw Stochastic average which currently stands at 25.35%. Over the past 20 days, HDFC’s Stochastic %K stood at 20.2% while its Stochastic %D was revealed to be 15.96%.