Buy HDFC, target of 
2870: India Infoline
Mumbai: India Infoline is bullish on HDFC and has recommended a buy rating on the stock with a target price of 
2870. According to the brokerage, last Thursday, HDFC broke out past its recent peak of 2,760 which was acting as a stiff resistance for the stock since last three months. Daily chart suggests formation of distinctive pattern this is most likely to result into a short-term rally in the counter.
Housing Development Finance Corporation (HDFC) provides housing finance. HDFC's distribution network spans 267 outlets, which include 56 offices of the wholly owned distribution company, HDFC Sales. In addition, HDFC covers over 2,400 locations through outreach programmes. Its subsidiaries include GRUH Finance, HDFC Asset Management Co., HDFC Developers, HDFC ERGO General Insurance, HDFC Holdings, HDFC Investments, HDFC Property Ventures, HDFC Realty, HDFC Sales, HDFC Trustee Co., HDFC Venture Capital and HDFC Ventures Trustee.
India Infoline believes that the current breakout is likely to lead to a potential upside up to the levels of 2,870 and above. Momentum oscillators are also exhibiting strength in the upmove. It expects the stock to remain in the momentum as long as it sustains above its last week low of 2,715. With the recommended target price of 2870, if the stock is bought at Mondays closing price of 2789.55, the percentage of gain would be 2.80 percent.
2870. According to the brokerage, last Thursday, HDFC broke out past its recent peak of 2,760 which was acting as a stiff resistance for the stock since last three months. Daily chart suggests formation of distinctive pattern this is most likely to result into a short-term rally in the counter.
Housing Development Finance Corporation (HDFC) provides housing finance. HDFC's distribution network spans 267 outlets, which include 56 offices of the wholly owned distribution company, HDFC Sales. In addition, HDFC covers over 2,400 locations through outreach programmes. Its subsidiaries include GRUH Finance, HDFC Asset Management Co., HDFC Developers, HDFC ERGO General Insurance, HDFC Holdings, HDFC Investments, HDFC Property Ventures, HDFC Realty, HDFC Sales, HDFC Trustee Co., HDFC Venture Capital and HDFC Ventures Trustee.
India Infoline believes that the current breakout is likely to lead to a potential upside up to the levels of 2,870 and above. Momentum oscillators are also exhibiting strength in the upmove. It expects the stock to remain in the momentum as long as it sustains above its last week low of 2,715. With the recommended target price of 2870, if the stock is bought at Mondays closing price of 2789.55, the percentage of gain would be 2.80 percent.