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HDFC Bank Looks to Continue to Trade Above its Annual-High Share Price Today

Published on Tue, 09/02/2014 - 14:52
By Mallory Stone

HDFC Bank (NYSE:HDB) traded today at a new 52-week high of $50.43. So far today approximately 651,000 shares have been exchanged, as compared to an average 30-day volume of 761,000 shares.

In the past 52 weeks, shares of HDFC Bank have traded between a low of $26.62 and a high of $50.43 and are now at $50.35, which is 89% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 1.0% while the 50-day MA has advanced 0.4%.

HDFC Bank (NYSE:HDB) defies analysts with a current price ($50.35) 0.7% above its average consensus price target of $50.00. The stock should find initial support at its 50-day moving average (MA) of $48.05 and further support at its 200-day MA of $40.43.

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

By Mallory Stone
mstone@fnno.com

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