‘Jab Gadhe Bechein Toh...': Sanjiv Bhasin's take on HDFC Bank stock BUY and SELL

Market expert Sanjiv Bhasin recently shared in an exclusive interview with ET NOW Swadesh that HDFC Bank has been his top choice, going against the market trend, and it has proven to be a successful move. According to Bhasin, HDFC Bank has already factored in all the negative factors, and he predicts that its performance will soar in the near future.

"I have been a contrarian for the last three months when HDFC Bank results saw the biggest selloff ever," he said.

"For so many days, I was saying that do SIP, the price of Rs 1,350 will never come again. I am saying again, now - Rs 1,350 will never come in HDFC Bank. The one who took it at Rs 1,400 is the king," he said.

"Jab Gadhe Beche To Aap Stock Kharide Aur Jab Wo Kharide To Aap Bechne Ke Liye Taiyaar Ho Jaye (When they sell the stock, you should buy and when they buy, you should be ready to sell)," Sanjiv Bhasin, who is also the director of IIFL Securities, said.

Bhasin highlighted that HDFC Bank is excelling across various aspects including treasury, lending, and its loan book. He emphasized that the current situation presents a rare opportunity to invest in HDFC Bank at a price-to-book ratio that is exceptionally favorable.

"We are still holding our ground that this is one of the pedigree stocks which can outperform quarter on quarter results and the other uptakes will go," he added.

Besides that, the ace investor advised that "this is the time to be in largecap private banks and take some money off the PSU banks". "We are overweight on HDFC Bank and a disclosure, this has been one of our top picks in the last three months," he said.

HDFC Bank showed a sequential growth of 7.5% in deposits, reaching Rs 23.8 lakh crore for the March quarter of 2024, marking a 26.4% increase year-on-year. The bank's emphasis on expanding retail deposits is evident, with retail deposits growing by 6.9% quarter-on-quarter and 27.8% year-on-year to Rs 12.8 lakh crore. Additionally, the CASA (Current Account Savings Account) share improved to 38.2% sequentially, compared to 37.7% in December 2023 and 44.4% last year.