The shares of this bank are under focus during today’s trading session, Tuesday. There’s a significant surge seen in the company’s shares. The shares of this bank surged up to 13% on the BSE, reaching an intra-day high of Rs. 25.68. There’s a major reason behind this surge in shares. The Reserve Bank of India (RBI) has approved the plan to increase HDFC Bank Limited’s total shareholding in this bank up to 9.50%. Since then, there’s been extensive buying of shares of this bank today.
What are market experts saying?
During the morning trading session on Tuesday, there was significant buying observed in the shares of this bank, which opened at Rs. 23.10 on the NSE. However, the shares of this bank surged further during Tuesday’s trades, registering a rise of nearly 13% to touch an intra-day high of ₹25.70 per share.
Basav Capital’s founder and director, Sandeep Pandey, said, “Following RBI’s approval of HDFC Bank’s plan to increase its total shareholding in this bank up to 9.50%, bulls are aggressively betting on shares of this bank. After SBI, HDFC Bank is another major bank that has announced such a large cross-holding in this bank, which is why there is significant buying observed in shares today.”
What’s the target price?
With expectations of further momentum in the shares of this bank, Choice Broking’s executive director, Sumit Bagadia, said, “The shares of this bank are on the verge of giving a new breakout at the level of ₹26 per share. After this breakout, the shares of this bank can move up to ₹27.50 and ₹30 per share in the short term. The stock has established a strong base at the ₹22.50 mark. Therefore, shareholders of this bank can continue to hold the shares with a trailing stop loss at ₹22.50.” The Choice Broking expert added, “New investors can buy at short-term targets of ₹27.50 and ₹30. For this, they can maintain a stop loss at ₹22.50.”