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Stock Investors Bid Up Shares of HDFC Bank, Up 1.4%

Published on Thu, 05/02/2013 - 10:39
By Robert Cotter

One of today's notable stocks on the rise is HDFC Bank (NYSE:HDB), up 1.4% to $42.83. The Dow Jones Industrial Average is now trading 0.4% higher to 14,760 and the S&P is trading 0.5% higher to 1,591.

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.

HDFC Bank (NYSE:HDB) has potential upside of 12.1% based on a current price of $42.83 and analysts' consensus price target of $48.00. The stock should find initial support at its 50-day moving average (MA) of $38.84 and further support at its 200-day MA of $38.14.

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 $42.83, 57% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 0.3%.

By Robert Cotter
rcotter@fnno.com