In its latest research report, Abhishek Jain, stocksidea.com, said that HDFC Bank, which presently stuck in a band of 1375-1400, can give good returns in the short term.

The report further stated that, if the counter is successful to breach 1564, then it will create a huge breakout.

Abhishek Jain has advised investors to hold the stock to achieve a target price above Rs 1595.

Furthermore, the firm has suggested a support level for the scrip at Rs 1314.

Shares of the company, on Friday (July 10), closed at Rs 1386.10 on the Bombay Stock Exchange (BSE). The total volume of shares traded was 84,076 at the BSE. The stock hit an intraday high of Rs 1425 and a low of Rs 1361.20 on BSE.

The share price has seen a 52-week high of Rs 1580 and a low of Rs 774 on BSE. Current EPS and P/E of the stock stood at 52.77 & 26.27 respectively.

Mr. Jain said that the stock is looking strong technically. Interested investors can buy the stock for short term.

For the quarter ended June 2009, Angel Broking has come out with its earning estimations on banking segment.

According to the research firm, HDFC Bank’s June quarter operating income is likely to climb up by 29.8% to Rs 3,007 crore on YoY basis.

The company’s net profit is expected to go up by 29.4% to Rs 601 crore on YoY basis.

HDFC, in June 2009, slashed its depository rates by up to 0.25% across various maturities.

The said cut is in proportion to the market trends and taking into consideration the progressions happening in the market in the recent past.