The buying was unrelenting. The Nifty 50 index extended its winning streak to a seventh straight trading session on Friday, November 6, vaulting more than 2,000 points from its October 28 trough of 22,497. The benchmark index gained over 7% across five sessions—sealing its strongest weekly performance in more than five years. Not since the week ended January 31, 2021, when the index surged 9.5%, have Indian equities delivered an advance of this scale.
Every single constituent on the Nifty 50 closed higher for the week. The broad-based rally added over ₹30 lakh crore to the combined market capitalization of all BSE-listed companies since the October 28 panic low, reversing weeks of institutional distribution in a matter of days.
HDFC Bank drove the lion's share of the index's point recovery. The lender closed higher for a sixth straight trading session, delivering a 6% rebound that anchored the broader market rebound. The stock reclaimed ₹100 from its October 28 low of ₹669—a multi-year trough that had triggered aggressive institutional bargain-hunting.
Like the benchmark itself, HDFC Bank had not produced a weekly gain of 6% or more since the week ended January 31, 2021. The parallel underscores how closely the index's fortunes remain tethered to the private banking major.
| Metric | Nifty 50 Benchmark | HDFC Bank |
|---|---|---|
| Consecutive Winning Sessions | 7 days | 6 days |
| Weekly Advance | >7.0% | 6.0% |
| Trough Level (Oct 28) | 22,497 points | ₹669 |
|---|---|---|
| Trough Recovery | +2,000+ points | +₹100 |
| Previous Matching Gain | Jan 31, 2021 (+9.5%) | Jan 31, 2021 (+6.0%+) |
Technically, the swiftness of the bounce has fundamentally shifted the stock's trading profile. HDFC Bank has now punched back above its 20, 50, and 100-day moving averages. Chart technicians are watching the 200-day moving average at the ₹785 mark as the immediate resistance level overhead.
Yet the velocity of the advance has stretched momentum readings. The stock’s Relative Strength Index climbed to 70 after hovering at 38 just six sessions ago. An RSI print at or above 70 designates an asset as technically overbought, pointing to potential near-term consolidation around overhead chart hurdles.
Sell-side conviction remains entirely unblemished. Among the 49 equity analysts tracking HDFC Bank, 47 hold an outright "buy" rating and two recommend holding the stock. Zero analysts recommend selling.