Nifty PSU vs Private Bank: Which banking index looks stronger on charts?
HDFC Bank secured new business.
· Business Standard Mkts
Nandish Shah of HDFC Securities reckons that both the Nifty PSU Bank and Nifty Private Bank indices look strong on charts, with the bias more favourable for the former index.
The analysis
Against that, the stock is -1.9% on the day at ₹693.80, and has returned -7.2% over three months. It sits 31% below its 52-week high, which means a good deal of bad news was already in the price. The banks sector has moved -6.0% over the same period, so HDFC Bank is running 1.2 points behind its peers.
For HDFC Bank, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.
Market context
- The company directly in focus is HDFCBANK.
- Sector exposure: Banks.
In this story
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