Here is why HDFC Bank needs to be on radar of momentum investors
The bulls may have noticed that the share price of HDFC Bank bounced from its 200D EMA levels on 3 rd August.
HDFC Bank , one of the most pupular banks in India and one of the best known wealth creators of Indian markets has underperformed BSE Sensex in 2021 and in past one month as well. HDFC Bank share price were seen trending up as the share price of teh largest private bank were seen gaining in 4 consecutive sessions.
The bulls may have noticed that the share price of HDFC Bank bounced from its 200D EMA levels on 3 rd August. Since then the stock is up by at least Rs 90 per share in 4 trading sessions. This suggests that the long term bullish trend is intact for HDFC Bank. In the previous instance when we saw HDFC Bank bounce from its 200D EMA we witnessed that the share price increased by ~Rs 200 per share or almost 15 per cent. HDFC Bank was recently (5th August) seen trading above its 30 D EMA which suggests that the trend is bullish in near term as well.
With the financial stocks trending up in August and brokers becoming bullish on private banks bouyed by the positive results of SBI, HDFC Bank's recent positive price momentum may invite investors attention.
HDFC Bank share price has jumped by 42 per cent in one year.