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Published on 19/10/2020 11:44:03 AM | Source: ICICI Direct

Weekly Recommendation - Long HDFC Bank For Target Rs. 1270 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Banking Sector #HDFC Bank #Trading Report #ICICI Direct

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Weekly future recommendation:

Rationale

After making a high of | 1240, HDFC Bank retraced marginally as profit booking was seen in the Bank Nifty from 24000. However, a sharp reversal was seen in most private banks where HDFC Bank was the leader and managed to move above its sizeable Call base of 1200. We feel the leaders among the pack are likely to do well and once the Bank Nifty manages to move above 24000, aggressive short covering could be seen in private leaders. Hence, we feel HDFC Bank can be bought, which has the potential to move towards its Call base of | 1300

 

Long HDFC Bank (HDFBAN) October future in the range of Rs. 1182-1188. Target: Rs. 1270; Stop Loss: Rs. 1135

 

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