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Shares of HDFC Bank Rise Above Previous 52-Week High

By Amy Schwartz

Shares of HDFC Bank (NYSE:HDB) traded at a new 52-week high today of $70.00. This new high was reached on below average trading volume as 55,000 shares traded hands, while the average 30-day volume is approximately 649,000 shares.

HDFC Bank (NYSE:HDB) has potential upside of 5.8% based on a current price of $69.92 and analysts' consensus price target of $74.00. The stock should discover initial support at its 50-day moving average (MA) of $59.73 and subsequent support at its 200-day MA of $59.53.

In the past 52 weeks, shares of HDFC Bank have traded between a low of $51.11 and a high of $70.00 and are now at $69.92, which is 37% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has remained constant.

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

SmarTrend recommended that subscribers consider buying shares of HDFC Bank on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $56.49. Since that recommendation, shares of HDFC Bank have risen 23.7%. We continue to monitor HDB for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows hdfc bank

Ticker(s): HDB