HDFC AMC share price jumped 9% to Rs 2060 today despite Abrdn Investment Management offloading its entire 10.2% stake in HDFC Asset Management Company for Rs 3,920 crore or more. The sale corresponds to approximately 21.778 million shares. The brokerage commission and other charges for the transaction amount to 25 basis points, which the buyer will pay. Additionally, standard market charges will apply. The exchange rate used for the deal is 81.9425 INR/USD, based on the Bloomberg USD INR rate as of June 19, 2023.
HDFC AMC Technical Outlook
“HDFC AMC witnessed intense pressure since September 2021 with prices falling from 3150 to 1700. During this while, it was seen forming lower highs and lower lows which is a characteristic of a downtrend. However, the stock has recently taken support from a descending channel pattern on the weekly charts and bounced swiftly from 1600 to 2000 levels. The stock is showing early signs of double bottom formation on the weekly charts suggesting a multiyear upside can be seen if it holds above the previous swing lows. Also, the stock is giving a breakout from descending trendline pattern on the weekly charts which will get confirmed on a weekly close above 2050 levels which can push the stock towards the neckline of double bottom pattern placed at 2300,” said Gaurav Bissa, VP, InCred Equities.