Muhurat Trading 2024: As Diwali 2024 is underway, a long-term stock market investor may consider starting a fresh investment. For such investors, investing in Muhurat Trading 2024 will be an auspicious occasion to start investment. According to investors, the recent route in the Indian stock market has made the banking segment highly lucrative. They said that among banking stocks, HDFC Bank shares are expected to outperform its peers. A long-term investor may consider adding HDFC Bank shares to one’s portfolio. They said HDFC Bank had reported Q2 results 2024 above the market estimates as the stock is at a discounted level, making it an attractive stock to buy during the Diwali Muhurat Trading session.
Triggers for HDFC Bank share price
Advising investors to look at banking stocks during the Muhurat Trading session 2024, Mahesh M Ojha, AVP — Research at Hensex Securities, said, “The market is trading range-bound as the Nifty 50 index is in the 23,900 to 24,700 range. A bullish or bearish trend can be expected on the breakage of either side of this range. However, looking at the Samvat 2081 perspective, this dip in the Indian stock market can be a good buying opportunity for long-term investors as the 50-stock index has made a crucial base at the 23,500 mark. However, applying the right strategy can maximize one’s returns by choosing the right stock in this sideways to the negative market during Muhurat Trading 2024. In my view, banking stocks should be given priority. This segment has witnessed heavy beating in the recent sell-off, and hence, many stocks are available at discounted prices.”
Regarding banking stocks to buy during Muhurat Trading 2024, Mahesh M Ojha said, “In the banking segment, State Bank of India (SBI) and HDFC Bank shares are looking attractive. However, HDFC Bank shares should be preferred over SBI shares.”
On why HDFC Bank share price is more attractive for Muhurat Trading, Manish Chowdhury, Head of Research at StoxBox, said, “HDFC Bank Ltd., India’s largest private sector lender, has delivered steady Q2FY25 results, with net profit well above the market estimates. Although the bank has faced NIM pressure, a common issue within the banking industry, we believe there are strong indicators that the bank will improve overall profitability. The slight dip in asset quality is something to watch closely, but it doesn’t overshadow the bank’s long-term potential, and we believe the asset quality will be more or less stable going forward. Moreover, HDFC Bank’s strategic shift towards changing the loan mix and increasing retail deposits should help improve margins. The bank’s management indicated that loan growth will lag behind deposit growth in the near term to reduce the LDR to pre-merger levels gradually.”
“The HDFC Bank expects credit growth to be below the industry growth rate in FY25, in line with or around the industry growth rate in FY26, and faster than the industry growth rate in FY27. The bank expects system credit and deposit growth to converge during the period. Despite some short-term challenges, our outlook for the bank remains positive. The bank’s focus on optimizing its loan mix and leveraging cross-selling opportunities positions it well for future profitability and stability,” the StoxBox expert said.
HDFC Bank share price target
Asked about the outlook of HDFC Bank shares, Anshul Jain, Head of Research at Lakshmi Shree Investment and Securities, said, “HDFC Bank share price is showing promising technical strength, forming a 69-week “Cup and Handle” pattern on the weekly chart—a setup favoured by traders for its bullish potential. Notably, the base saw a gradual drop in volume, indicating reduced selling pressure, while recent weeks have shown rising volumes, signalling strong buyer interest. The stock is currently facing critical resistance at ₹1,780. If supported by high volumes, a breakout above this threshold could propel HDFC Bank share price to an ambitious target of ₹2,050 in the medium term.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
