HDFC Bank Share Price: Two US-based law firms, Rosen Law Firm and Schall Law Firm have filed class-action suits against HDFC Bank alleging misleading public statements and for failing to inform investors about the bank’s internal controls on vehicle loans. They have filed suits against outgoing managing director Aditya Puri and new MD among others. However, according to the stock market experts, this incident may put the HDFC Bank share price under pressure for some time. However, for stock investors it would be a good opportunity to buy the banking stock at around Rs 1,050 to Rs 1,060 per stock levels for the target of Rs 1,400 in six month time-horizon.
Speaking on the immediate short-term time horizon on HDFC Bank share price; Rohit Singre, Senior Technical Research Analyst at LKP Securities said, “HDFC Bank has strong support at Rs 1,050 per stock levels and one can buy the HDFC Bank share at current levels for the target or Rs 1,150 in one month time horizon.”
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On her suggestion to the long-term stock investors in regard to HDFC Bank, Simi Bhaumik, a SEBI registered technical equity analyst said, “HDFC Bank shares have strong support zone at around 1,000 to 1,050 range. I would advise investors to buy the counter as the banking stock hasn’t moved in recent times and is poised to showcase upside movement. Its immediate short-term target would be Rs 1,140 Rs 1,150 while after breaking this level it can go up to Rs 1,300 per stock levels.” However, she advised stock investors to maintain the stop loss below Rs 1,000 levels.