“Shares of HDFC Bank, which fell for the ninth consecutive trading session today, are unlikely to see any short-term recovery after a miss on quarterly earnings. The stock has corrected for about 20 per cent in the last 9-10 days in spite of the merger news. March quarter earnings growth at 23 per cent YoY was mainly driven mainly by lower provisions and net interest income (NII) growth was not up to the expectations,” said Manoj Dalmia, Founder and Director at Proficient Equities
“Currently the stock is approaching a support area and that can be used to accumulate the stock. Investors are advised to buy HDFC Bank on dips. The stock is under temporary selling pressure due to the result declaration, it might soon recover as we expect this stock to regain its momentum and reach Rs 1,650 levels again in the coming months,” Dalmia added.