NSE India Update: Nifty 50 index saw a new all-time high of 26,310 (Nse India Update News). The Nifty 50 index saw its highest historical high, breaking its lifetime high after 14 months. Before Nifty hit its new high, index heavyweight stock HDFC Bank Ltd had achieved its lifetime high.
The share price of HDFC Bank closed at 1,009.05 (Nse India Update News). The market cap of the bank is Rs 7.73 lakh crore. The share price of HDFC Bank had reached its lifetime high even before the Nifty 50 index.
Although the stock had also hit a high of ₹1,016 on Thursday, HDFC Bank had earlier achieved an all-time high of ₹1,020 in the trading session of October 20.
The share price of HDFC Bank Limited is at an all-time high, and the stock has gained 12 percent in the last year, which is a normal return. Due to FII selling, movement in the share price of HDFC Bank has been slow. Nevertheless, there is a general rally in the stock and it remains at its all-time high. However, profit booking can happen from this level.
As long as the stock remains above the one thousand level, there is no possibility of retracement. However, shares trading at all-time high (Nse India Update News) have many support levels. If the stock price of HDFC Bank falls below one thousand, then there is a possibility of profit booking. If the stock retraces, the price may fall to 976.
HDFC Bank is considered an FII stock, as FIIs hold the largest stake in the stock. FIIs hold 48 percent of the bank’s stocks, due to which their control over the shares has increased to a great extent. HDFC Bank has been facing FII selling pressure for the last several months.
If FIIs sell this stock at its all-time high (Nse India Update News), then it can go down to 976 and even below. The behavior of HDFC Bank’s share price may be affected by FII activity.
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