SynopsisHDFC Bank shares remain under pressure, falling nearly 30% so far this year as investors assess the lender’s CEO succession process. Technical analysts see a weak trend, with key support around Rs 710 and resistance near Rs 750-780, while Jefferies has identified several potential internal and external candidates for the top job.Listen to this article in summarized formatETMarkets.comHDFC Bank stays under pressure as CEO hunt takes centre stage.Shares of India’s largest private lender HDFC Bank fell as much as 2% to a day’s low of Rs 700 on the BSE on Wednesday, with the stock remaining volatile as investors assess the lender’s ongoing search for a new CEO after Sashidhar Jagdishan said he would not seek an extension beyond his current term, which ends on October 26.The stock hit a new 52-week low of Rs 698.50 in the previous session. So far this year, HDFC Bank shares are down nearly 30%.HDFC Bank shares on chartThe stock continues to form a lower-top and lower-bottom structure on the daily timeframe and is currently trading near its nine month low, indicating sustained selling pressure. The ongoing price structure remains weak, with the stock struggling to regain higher levels and showing limited signs of reversal, says Sudeep Shah, Vice President and Head of Technical and Derivatives Research at SBI Securities.Also read: Jefferies cuts HDFC Bank share price target but retains Buy after CEO opts out of new term. Here’s whyThe stock is trading below its 20-day, 50-day and 200-day EMAs, reinforcing the prevailing bearish trend. The RSI is hovering in the 30–40 zone, highlighting continued weakness, while the MACD is trading below the zero line, indicating a bearish momentum setup. Overall, the technical structure remains weak, with a sustained move above key resistance levels required to signal a meaningful trend reversal.A sustained move above Rs 750 could trigger a short-term bounce towards 780 levels. However, the broader structure is likely to remain weak as long as the stock trades below 780. On the downside, a breach below the recent low could revive fresh selling pressure in the stock.Virat Jagad, Senior Technical Research Analyst at Bonanza, says HDFC Bank stock remains in a downtrend and below major EMAs, indicating continued weakness. Major support is Rs 710, but a decisive breakdown below Rs 710 can be used to exit, with downside potential towards Rs 680–660 in the coming days.Who can become the new HDFC Bank CEO?Jefferies sees Kaizad Bharucha, HDFC Bank's Deputy Managing Director who leads corporate, business banking and retail assets, among others, as a key internal candidate for the CEO role.The brokerage said Bharucha could be a simpler choice, with a potential tenure of 2.8-3 years, given that he was appointed Executive Director in June 2014. It believes one option for the bank could be to allow Bharucha to lead HDFC Bank while preparing for a smoother transition over the longer term.Read more: ICICI Bank closes in on HDFC Bank for Nifty’s top spot as share trends divergeJefferies identified Anup Bagchi, currently CEO of ICICI Prudential Life and formerly an Executive Director at ICICI Bank overseeing retail banking; Paresh Sukthankar, former DMD at HDFC Bank who left in 2018; Vibha Padalkar, CEO of HDFC Life; Rajiv Sabharwal, CEO of Tata Capital; and Amitabh Chaudhry, CEO of Axis Bank, as potential external candidates.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)Read More News on(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price...moreless(You can now subscribe to our ETMarkets WhatsApp channel)Read More News on(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price...moreless