On Thursday, shares of Housing Development Finance gained as much as 1.78 per cent to hit a record high of Rs 2,327.45. The stock broke above a struggle at Rs 2,309.02, the 76.4 per cent Fibonacci projection level of the uptrend from December 5, 2016 low to July 30, 2018 high (wave 2).
The stock may test the next resistance at Rs 2,396, the 86.4 per cent projection level in the breakout suggests in the near term.
The Trend Intensity (TI) indicator rose to 25, suggesting that the prices are trending upwards. MACD was positive and above its signal line.
Read EquityPandit’s Nifty Bank Outlook for the Week
This year HDFC shares have gained 16.2 per cent as of the last close, outperforming the broader NSE Index’s 7.6 per cent gains in the same period.