Medium-Term View –

HDFCBANK

HDFC Bank, post-merger, is navigating integration challenges, but loan growth remains strong. With advances growing in retail and corporate segments, the bank’s medium-term earnings trajectory looks promising. At around ₹1,540, the stock trades at a reasonable valuation compared to historical averages. Near-term sentiment could be subdued due to liquidity management concerns, but for investors with a 12–18 month horizon, the risk-reward remains attractive. Watch the next two quarters for synergy benefits — that’s when the market may re-rate the stock.