HDFC Bank share price declined almost 2% to hit its fresh 52-week low in intraday deals on the BSE on Friday, 11 September. The banking stock opened at ₹685 against its previous close of ₹694 and declined 1.7% to hit its 52-week low of ₹682. It hit a 52-week high of ₹1,020.35 on 23 October last year.
HDFC Bank share price trend
Once a favourite of stock market investors, HDFC Bank shares have been under pressure for several years now. As per the BSE data, the stock delivered a negative return of 12% over the last five years compared to a 28% jump in Sensex in the same period.
In the last one year, the stock has declined 29%, while year-to-date, it has shed over 30%.
Should you buy HDFC Bank shares?
HDFC Bank’s financial performance in the last financial year (FY26) fell short of expectations.
According to the company’s annual report, its total net revenue rose 13.6% to
₹1,91,218.6 crore in FY26 from ₹1,68,302.4 crore in the previous year. Revenue growth was driven by an increase in both net interest income and fees and commission. Net profit increased by 10.9% to ₹74,671.3 crore from ₹67,347.4 crore.
Net Interest Income (NII) grew by 4.9% to ₹1,28,686.0 crore. Net interest margin (NIM) stood at 3.34% in FY26.
Deposits increased 14.4% YoY to ₹31,05,250 crore, while advances rose by 12.1% YoY to ₹29,37,166 crore.
The latest development on the leadership reset also has acted as a dampener of sentiment. Its MD and CEO Sashidhar Jagdishan announced that he would not seek re-appointment for another term after his current tenure ends on October 26, 2026.
Brokerage firm PL Capital said Jagdishan’s exit would be negative and near-term pressure may persist till succession clarity emerges, although stock is attractive at 1.4 times March 2028E core ABV, but medium-term return would hinge on strategy and execution.
PL Capital trimmed the target price to ₹950 from ₹1,040, while maintaining a buy recommendation on the stock.
On the technical front, HDFC Bank stock appears to be heavily oversold, with the weekly RSI trading below the conventional oversold zone.
However, Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, underscored that despite the stock making lower lows on the price chart, the RSI is not making corresponding lower lows, indicating the formation of a bullish divergence.
This suggests that downside momentum may be weakening and raises the possibility of base formation in the ₹670–690 zone, said Patel.
However, bullish divergence alone does not confirm a reversal; price confirmation is still required.
According to Patel, the stock needs to stabilise around this zone and subsequently reclaim important resistance levels to signal a meaningful recovery.
“The major support is placed at ₹660, and a sustained break below this level could extend the weakness further. On the upside, ₹735 is the key resistance, and a decisive breakout above this level would strengthen the reversal setup. Hence, we expect consolidation/base formation around ₹670– ₹690 before any meaningful reversal,” said Patel.
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Disclaimer: This article is for educational purposes only and does not constitute investment advice. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
