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Shares of HDFC Bank Under Pressure, Down 1.4%

Published on Tue, 03/19/2013 - 10:35
By Robert Cotter

HDFC Bank (NYSE:HDB) is one of today's biggest movers, down 1.4% to $37.98. The Dow Jones Industrial Average is now trading fractionally higher to 14,462 and the S&P is trading fractionally lower to 1,550.

In the past 52 weeks, HDFC Bank share prices have been bracketed by a low of $27.30 and a high of $43.02 and are now at $37.98, 39% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 0.3%.

Potential upside of 26.4% exists for HDFC Bank, based on a current level of $37.98 and analysts' average consensus price target of $48.00. The stock should find resistance at its 50-day moving average (MA) of $39.61, as well as support at its 200-day MA of $36.93.

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 Robert Cotter
rcotter@fnno.com