HDFC Bank’s shares climbed 1.8% to a peak of ₹734 on Monday after the Reserve Bank of India approved Anup Bagchi as the bank’s incoming managing director and chief executive. Bagchi will take over on October 27, 2026, succeeding Shashidhar Jagdishan, whose tenure concludes the day before. Last week, the Reserve Bank of India approved the appointment.
While the appointment removes a key overhang on the leadership succession plan, HDFC Bank’s stock performance remains weak this year. The shares have fallen 25% year-to-date, undercutting the BSE Sensex (−14.8%) and NSE Nifty (−13.5%). By 10:30 AM on Monday, the stock had dipped 0.5% to ₹716, while broader market indices moved into positive territory.
Technical analysts remain divided on near-term prospects. Jatin Gedia, vice president at Teji Mandi, highlights the formation of lower highs and lows, indicating a sustained downtrend. However, a Hammer candlestick on weekly charts suggests potential buying interest could emerge in the ₹690–₹680 range in the second week of September.
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Drumil Vithlani, a senior analyst at Tiny Epic, identifies a rebound from ₹680 and stability above short-term moving averages as positive signals. He expects the bias to remain cautiously positive as long as the stock holds above ₹700, with immediate support at ₹680. On the upside, resistance remains in the ₹735–₹745 band followed by ₹760.
Gedia notes that the current price range (₹715–₹710) aligns with the 61.8% Fibonacci retracement of the ₹684–₹750 rally. He adds that the stock recently resumed its decline after rallying toward ₹750.
The analyst from Teji Mandi believes that a move beyond ₹750 would violate the lower-high lower-low structure and suggest a trend reversal from down to up. Gedia sees ₹710–696 as the key support zone for the stock, and ₹740–750 as the immediate hurdle zone.
