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Buyers Accumulate Shares of HDFC Bank, Up 1.8%

Published on Thu, 06/13/2013 - 13:21
By Mallory Stone

One of today's stocks on the move is HDFC Bank (NYSE:HDB), up 1.8% to $37.58. The S&P is currently trading 0.6% higher to 1,622 and the Dow Jones Industrial Average is trading 0.5% higher to 15,066.

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.

Over the past year, HDFC Bank has traded in a range of $29.55 to $43.81 and is now at $37.58, 27% above that low. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Potential upside of 27.7% exists for HDFC Bank, based on a current level of $37.58 and analysts' average consensus price target of $48.00. The stock should run into initial resistance at its 200-day moving average (MA) of $39.09 and subsequent resistance at its 50-day MA of $40.49.

By Mallory Stone