HDFC Life Insurance shares have underperformed the Indian Nifty50, with returns of just over 12% in the past year compared with the benchmark's 20% returns during the same period. Despite three consecutive sessions of corrections, analysts say the stock remains in an overbought zone, with momentum indicators suggesting investors should accumulate it on any declines. Rajesh Palviya, senior VP of technical and derivatives research at Axis Securities, believes the short to medium-term outlook is still bullish. "Any short-term corrections towards the support zone remain an accumulation opportunity for traders and investors,” he said.