Nifty risks 21,500, HDFC Bank eyes ₹640, IT rally shows fatigue: Anand James
HDFC Bank flagged a risk.
· Economic Times Markets
Indian equities could face another leg of weakness unless the Nifty reclaims 22,800 early next week, with the index strategist Anand James warning that a break below the 22,000–22,070 support zone could open the way towards 21,500.
The analysis
HDFC Bank reported ₹640,. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -0.1% on the day at ₹692.10, and has returned -7.8% 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 -4.2% over the same period, so HDFC Bank is running 3.6 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.
- The immediate tone of coverage reads positive.
In this story
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