HDFC Bank shares give up Rs 700 mark after February 2024, here are fresh price targets

HDFC Bank share price: Shares of India's largest private sector lender HDFC Bank  hit their 52-week low in early deals on Tuesday. The stock of the private sector lender gave up the Rs 700 mark after February 2024 today. On February 15, 2024, the stock fell below the Rs 700 mark intraday for first time in nearly 2.5 years. It fell to a low of Rs 692.17 in that session.

The weakness in HDFC Bank stock comes as Sashidhar Jagdishan has decided to not seek his reappointment as MD & CEO of the lender and shall retire on 26th Oct 2026. The board will fast-track the process of selection and appointment of his successor.

In the current session, the banking stock slipped to a 52 week low of Rs 698.50. Market cap of the bank stood at Rs 10.92 lakh crore.

The trend has been extremely bearish for the banking stock, which trades below the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day simple moving averages.

Virat Jagad, senior Technical Research Analyst at Bonanza Portfolio said, "HDFC Bank remains in a downtrend and below major EMAs, indicating continued weakness. Major support is Rs 710; hold existing positions above this level, but a decisive breakdown below Rs 710 can be used to exit, with downside potential towards Rs 680–660 in coming days."

Brokerage Ashika said investors are likely to remain cautious until a successor is identified. The incoming MD & CEO’s profile, track record and strategic vision will be closely watched, as these could play a key role in rebuilding investor confidence. The brokerage has a 'buy' rating with a target price of Rs 959 on the banking stock.

Brokerage Motilal Oswal has a price target of Rs 925 on the banking stock.

The brokerage expects the bank to deliver an improved earnings performance from FY28 onward, while RoA should sustain at 1.8%. "We revise our TP to Rs 925 (1.8x FY28E ABV + Rs 128 for subs) and maintain our BUY rating," said the brokerage.