HDFC stock could touch Rs 2,300, say analysts

MUMBAI: HDFC posted a historical close at Rs 1,971 levels as bulls continue to dominate the northern trajectory, which could push the stock price to Rs 2,300 levels in the short term, say technical analysts .

The recent move in the stock price depicts commencement of fresh up move in the uncharted territory. Stock price is in left translation process which has led to surpass the graphical resistance of the accelerating channel, according to technical analysts.

Monthly Average Directional Index (ADX), an indicator used in technical analysis as an objective value for the strength of a trend is well above 30 which suggest stock is in trending mode. This could. According to technical analysts prove supportive as the stock price has taken out the channel resistance and the trend could continue to unfold on the higher side going ahead.

“Stock price holds the potential to travel beyond Rs 2,300 mark initially with Rs 2,050 happens to be the intermediate level” said Abhishek Karande, Technical & Alternate Strategist, IndiaNivesh Securities. “However pullbacks cannot be ruled out and could possibly consider to add longs.”