Vinay Rajani expects Nifty to rally above 22,800; shares 2 stock ideas
HDFC Bank secured new business.
· Business Standard Mkts
Vinay Rajani of HDFC Securities believes that a sustained move above 22,800 could clear the 20-DEMA resistance and open the way for Nifty toward the next resistance at 23,175.
The analysis
Against that, the stock is -0.5% on the day at ₹676.80, and has returned -8.0% over three months. It sits 33% below its 52-week high, which means a good deal of bad news was already in the price. The banks sector has moved -6.9% over the same period, so HDFC Bank is running 1.1 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
- In focus: HDFC Bank (HDFCBANK), in Banks.
- Over three months: HDFC Bank -8.0% against Banks -6.9% (1.1 points behind).
- At least 25% below the 52-week high: HDFC Bank (33%).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| HDFC BankHDFCBANK · Banks | ₹676.80 | -0.5% | -7.5% | -8.0% | -33.0% | 0.3× | — |
Banks
1M -5.6% · 3M -6.9%
HDFC Bank
Prices as of 28 Oct 2026, 10:04 IST. Sector moves are the average of the stocks we track in each sector.
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