HDFC Bank share price: The country’s largest private lender reported profit of Rs 16,174.75 crore in Q1 FY25, compared to Rs 11,951.77 crore in the year-ago period. However, net profit for the quarter end June 30 this year was lapse 2.04 percent sequentially from Rs 16,511.85 crore in the prior quarter (Q4 FY24).
Shares of HDFC Bank Ltd slipped 1.21 percent to a low of Rs 1,598.20 in Monday’s trade from its previous close of Rs 1,617.80. Considering today’s low, it has fallen 10.81 percent from its 52-week high of Rs 1,791.90, a level seen earlier this month on July 3.
The private lender express a 35.33 percent inflation in its year-on-year standalone net profit during the first quarter of the current financial year 2024-25. During the quarter under criticism, the country’s largest private lender’s gain stood at Rs 16,174.75 crore, compared to Rs 11,951.77 crore in the year-ago period.
However, net profit for the quarter ended June 30 this year was down 2.04 percent sequentially from Rs 16,511.85 crore in the prevent quarter (Q4 FY24).
Therefore, investors will have time to buy stocks, the market expert said.
Shares of HDFC Bank have seen a lot of volatility after its merger with parent Housing Development Finance Corp (HDFC) in July last year.
On technical setup, support on the counter can be seen in the region of Rs 1,580-1,600.
“HDFC Bank has seen some strong whipsaw moves recently, performing a breakout and re-testing it within short term. For now, support is seen in the area of Rs 1,580-1,600 , breaking which it can test the level of Rs 1,520.At higher levels, Rs 1,690-1,700 is an important area to keep an eye on as any decisive breakout is expected to provide the much-needed impetus for the next leg of the rally in the counter into the uncharted territory,” said Osho Krishna, Senior Research Analyst. – Technicals and derivatives in Angel One.
“The stock looks weak on the daily chart. It may slip next to Rs 1,580 levels in the near term,” said Ravi Singh, senior vice president (retail research), Religare Broking. That being said, immediate resistance will be placed at Rs 1,635, Singh said.
