HDFC Bank shares climb 2% in a month; key technical levels to watch out for

Shares of HDFC Bank Ltd were trading higher in Wednesday's deals. The stock was up 1.13 per cent to trade at Rs 1,443.05. At this price, it has moved 2.48 per cent higher in the past one month. Despite the mentioned rise, the scrip has fallen 15.15 per cent on a year-to-date (YTD) basis.

On technical setup, support on the counter could be seen at Rs 1,400. And, immediate resistance may be found at the Rs 1,465-1,470 zone.

"For HDFC Bank's stock, we are still maintaining a target price of Rs 2,000," Gaurang Shah, Senior VP at Geojit Financial told Business Today TV.

"The stock looked strong on daily charts and may see Rs 1,465 level in the near term. Keep stop loss placed at Rs 1,420," said Ravi Singh, Senior Vice-President (Retail Research) at Religare Broking.

"Support will be at Rs 1,400 and resistance at Rs 1,470. A decisive close above Rs 1,470 level may trigger a further upside till Rs 1,500. Expected trading range will be between Rs 1,400 and Rs 1,500 for a month," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.