HDFC Bank shares down 14% in 2024 so far; here's what analysts say

Shares of HDFC Bank were seen trading higher in Wednesday's trade. The stock was up 0.59 per cent to trade at Rs 1,468.50. At this price, it has slipped 13.65 per cent on a year-to-date (YTD) basis.

Technical analysts largely remained positive on the counter, suggesting strong upside.

"HDFC Bank has been an underperformer but we remain optimistic on the counter. We are still maintaining a target price of Rs 2,000," Gaurang Shah, Senior VP at Geojit Financial told Business Today TV.

"Current setup suggests a strong upside. Expected near-term target would be Rs 1,596," said Mitesh Panchal, a Sebi-registered analyst.

The counter was trading higher than the 5-day, 10-, 20-day and 30-day simple moving averages (SMAs) but lower than the 50-day, 100-, 150-day and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 57.04. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 19.67 against a price-to-book (P/B) value of 2.74. Earnings per share (EPS) came at 74.22 with a return on equity (RoE) of 13.91.S