Muhurat Trading 2024: Invest in HDFC Bank Shares This Diwali for Strong Returns - Read Now

Diwali 2024 is approaching. Meanwhile, the preparations for Muhurat Trading 2024 are under way to usher in ancient investments. Banking stocks-wise, this will be the best advice for 2024: concentrate on HDFC Bank share, most likely to perform better than all of them. That was when Indian stocks witnessed a recent dip.

HDFC Bank recently declared Q2 2024 results, better than street estimates, the stock being at a discount level. Mahesh M Ojha, AVP—Research at Hensex Securities believes that this setback should provide an opportunity long-term investors to go long on HDFC Bank "The sell-offs in the banking sector have led many stocks to hit the markets at attractive prices," he noted.

Manish Chowdhury, Head of Research at StoxBox, said, HDFC Bank is still under net interest margin pressure; however, it remains solid to be invested in. The loan mix of HDFC Bank is appropriately balanced and increased retail deposits will enhance its future prospects in terms of profitability. Of course, challenges remain; however, for the short-term, the outlook for HDFC Bank is upbeat regarding asset quality being expected to improve in the near future.

Head of Research at Lakshmi Shree Investment and Securities, Anshul Jain said HDFC Bank was forming a "Cup and Handle" pattern on its weekly chart which holds good bullish potential. Resistance exists for the stock currently at ₹1,780 while on a break-out at high volumes, medium term could be at ₹2,050.

This Diwali, you may want to include HDFC Bank into your portfolio through Muhurat Trading 2024. Promising fundamentals accompanied by the technical indicators along with it, the return can be huge on the HDFC Bank shares over a long period of time.

Also Read: Muhurat Trading 2024: Expert Insights, Stock Picks, and Strategies for Prosperity - Read Now