"BUY HDFCBANK ABOVE 1535 TARGET 1555/1565 STOPLOSS 1495"
If there was one factor that stole the limelight from everyone else in the domestic equity markets last week, it was the announcement of the merger between hdfc bank and hdfc. News of the merger between the housing finance heavyweight and India's largest bank by market cap catapulted stock markets, with the Sensex gaining over 1,000 points on Monday.
HDFC Bank is trading near several support areas, so there are high chances for the stock to resume its uptrend. After the recent correction, hdfc bank is hovering near the 61.8 percent retracement level of the entire rally which started at 1400-1700 RS. This support coincides with the gap area created on the merger news. Therefore, there is a high possibility that the stock could continue its uptrend. Therefore, short-term traders are advised to buy the stock in the range of Rs 1515 - Rs 1505 with a stop loss of Rs1450 for a potential upside target of Rs1625 in the coming 2 to 3 weeks.
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