HDFC Bank share price rebounds from intraday low after Q1 results 2023. Buy or wait?
₹1,633 apiece on NSE after announcement of HDFC Bank Q1 results 2023. HDFC Bank share price today opened higher at ₹1,650 apiece levels but soon profit booking triggered and HDFC Bank share nosedived to its intraday low of ₹1,633 per share levels ahead of its Q1 results 2023. However, announcement of better than expected HDFC Bank results, buying interest triggered in HDFC Bank shares and the stock scaled to its intraday high of ₹1,675 levels, logging around 2.50 per cent rise from its Monday lows.
According to stock market experts, HDFC Bank has reported better than expected Q1 results 2023 as its profit has surged around 30 per cent in YoY terms during April to June quarter in current financial year. They said that the private lender has improved its net interest income and margins that will help it improve its CASA in upcoming quarters. They said that HDFC Bank's CASA has already improved and the current HDFC results is going to improve it further.
They advised HDFC Bank shareholders to hold the stock further for near term target of ₹1,850 per share levels. They even suggested fresh buying in the stock either above ₹1,780 or around ₹1,750 apiece levels. On why HDFC Bank share price surged after Q1 results 2023, Vaibhav Kaushik, Research Analyst at GCL Broking said, 'HDFC Bank has reported better than expected results in Q1FY24.
The private lender has reported around 30 per cent YoY rise in net profit whereas its NII shot up around 21 per cent in this time. After HDFC Bank HDFC merger, its CASA has already improved and this strong quarterly results for Q1FY24 would further help the private lender to improve its CASA in upcoming quarters. Those who have this stock in portfolio are advised to hold for immediate target of
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