F&O: Analyst recommends Bull spread strategy on Hero MotoCorp, PNB
Hero Motocorp secured new business.
· Business Standard Mkts
Nandish Shah, deputy vice president, HDFC Securities, has recommended a bull spread strategy on Hero MotoCorp and Punjab National Bank.
The analysis
Against that, the stock is +2.1% on the day at ₹5,514.00, and has returned -3.1% over three months. It sits 13% below its 52-week high. The auto sector has moved -5.8% over the same period, so Hero Motocorp is running 2.7 points ahead of its peers.
For Hero Motocorp, the question is how much of this is already reflected in the price and how much re-rates the auto peer set alongside it.
Market context
- The 3 companies named span 2 sectors, so these are separate company stories rather than one sector-wide move.
- On the day, 3 of 3 are higher: HDFC Bank leads at +3.2% and Hero Motocorp trails at +2.1%.
- Over three months: Hero Motocorp -3.1% against Auto -5.8% (2.7 points ahead); HDFC Bank +3.4% against Banks -2.8% (6.2 points ahead); Punjab National Bank +11.1% against Banks -2.8% (13.9 points ahead).
- Trading well above normal today: HDFC Bank at 2.1 times its 20-day average volume.
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Hero MotocorpHEROMOTOCO · Auto | ₹5,514.00 | +2.1% | +8.3% | -3.1% | -13.2% | 1.6× | — |
| HDFC BankHDFCBANK · Banks | ₹760.00 | +3.2% | +7.8% | +3.4% | -24.7% | 2.1× | — |
| Punjab National BankPNB · Banks | ₹126.10 | +3.0% | +12.2% | +11.1% | -4.7% | 1.4× | — |
Auto
1M +4.5% · 3M -5.8%
Hero Motocorp
Banks
1M +0.8% · 3M -2.8%
HDFC Bank, Punjab National Bank
Prices as of 5 Nov 2026, 16:11 IST. Sector moves are the average of the stocks we track in each sector.
In this story
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