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HDFC Bank Shares Slide 5% In Three Sessions: Is This A Buying Opportunity Ahead Of Q3 Results?
HDFC Bank Shares Slide 5% In Three Sessions: Is This A Buying Opportunity Ahead Of Q3 Results?
HDFC Bank's share price remained under pressure for the third consecutive session on Wednesday, January 7, declining 1.6% to an intraday low of Rs 947.20. Over the past three sessions, the blue-chip stock has cumulatively dropped by more than 5%.
The stock has been trending lower after the private sector lender announced its business update for the December quarter (Q3 FY26).
In a regulatory filing dated January 5, HDFC Bank said its gross advances rose 11.9% year-on-year (YoY) to around Rs 28,445 billion as of December 31, 2025, compared with Rs 25,426 billion as of December 31, 2024.
Average deposits increased 12.2% YoY to Rs 27,524 billion in Q3 FY26 from Rs 24,528 billion in the corresponding period last year. Average CASA deposits grew 9.9% YoY to Rs 8,984 billion during the quarter from Rs 8,176 billion a year ago.
Over the past year, HDFC Bank shares have gained 11%, outperforming the Sensex, which rose 8.5%, but lagging the BSE Bankex, which advanced 18%, according to BSE data.
The stock touched a 52-week high of Rs 1,020.35 on October 23 and a 52-week low of Rs 812.13 on January 13 last year.
The recent correction may be attributed to relatively weak deposit growth and profit booking after the stock's recent gains ahead of the Q3 earnings announcement.
“The key concern appears to be deposit growth. Deposit accretion was lower than market expectations, especially when compared to the previous quarter. The stock had outperformed last year, and some profit booking ahead of Q3 earnings cannot be ruled out," said Ajit Mishra, SVP of Research at Religare Broking.
HDFC Bank is scheduled to announce its Q3 FY26 earnings on January 17, 2026. According to Systematix Research estimates, the bank's profit after tax (PAT) could register a healthy 11.2% YoY growth, while operating profit may rise 7.8% YoY. Net interest income (NII) is expected to grow 6.4% YoY.
Experts remain largely positive on the stock, citing the bank's strong fundamentals and strategic focus.
“The bank aims to grow in line with the industry in FY26 and faster than the industry in FY27, with a focus on deposit growth and improving its loan-to-deposit ratio. HDFC Bank's strong franchise, superior return on equity, and consistent profitability justify maintaining core positions. Its operational excellence, capital efficiency, and market leadership support its growth trajectory," said Seema Srivastava, Senior Research Analyst at SMC Global Securities.
Mishra of Religare Broking has reiterated a buy rating on the stock with a target price of Rs 1,220.
“We remain positive and would recommend buying the stock. This correction presents a buy-on-dips opportunity, especially for long-term investors," Mishra said.
However, while the long-term outlook remains constructive, some technical analysts advise caution until the stock moves back above its 200-day exponential moving average (EMA).
Aakash Shah, Research Analyst at Choice Broking, noted that HDFC Bank is currently trading below its 200-day EMA, which stands near Rs 963, indicating a cautious technical setup.
“The stock witnessed intraday selling pressure and slipped below the 200-day EMA, highlighting weakness at higher levels and reinforcing the importance of this average as a key medium-term resistance. Overall, the stock continues to move in a broad consolidation phase, with price action lacking clear directional strength," Shah said.
He added that the 20-, 50- and 100-day EMAs are clustered in the Rs 985–990 range, forming a strong overhead resistance zone and suggesting supply on rallies. Momentum indicators also remain weak, with the RSI hovering in the lower band, pointing to subdued buying interest and limited upside momentum.
“On the downside, the Rs 950 level is emerging as an immediate support zone, while a break below this could open the door for further downside towards Rs 930–920," Shah cautioned.
“As long as HDFC Bank trades below the Rs 965 resistance zone, the technical view remains cautious. A sustained move above the 200-day EMA would be needed to stabilise the stock and improve the overall technical structure," he added.
Jigar S. Patel, Senior Manager of Equity Technical Research at Anand Rathi Share and Stock Brokers, said HDFC Bank has decisively broken below its key rising trendline, signalling a pause in the prevailing uptrend and indicating near-term weakness.
“The stock is currently trading below its 200-day DEMA, reflecting a loss of medium-term momentum and cautious sentiment among market participants. On the downside, the Rs 940 zone emerges as an important historical support where buying interest was seen earlier," Patel said.
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Given the current technical setup, Patel expects the stock to remain range-bound and consolidate in the Rs 940–950 zone over the next few weeks as it absorbs recent declines.
“In the near term, Rs 940 will act as a crucial support level, while any recovery is likely to face resistance near Rs 970. A decisive move beyond this range would be required to establish the next directional trend," he added.
Source: News18
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