While market is showing renewed enthusiasm, such high beta stocks may rally a lot but we have to be mindful of not buying at the top. First test of the move is how it reacts to the pullback towards 480. To give it a more breathing room, we can consider 450 - 480 as good . So trade is to wait for the pullbacks and trade the support levels 480 / 460 / 440.
Here is what we wrote about Axis Bank, Bank of Baroda and HDFC last year. (http://bombaybulls.com/trading-axis-bank-bank-of-baroda-hdfc-bank-922015/) When we advised to be patient and buy only if it comes to our defined near 400, to some it looked ridiculous since market was trading with too much enthusiasm and everything was sanguine. Now again most inexperienced investors are going to make the same mistake of buying high here, while we are offloading on each rally !