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Buy HDFC at 2570: IndiaInfoline

By | Friday, 26 February 2010, 03:43 Hrs | 1 Comments

Bangalore: Following the smart surge in its volume, IndiaInfoline has recommended buy rating on HDFC with a target price of

2,570, reports moneycontrol.com

The brokerage firm stated, "HDFC has been on an upswing for the past week and is pointing towards further upside as the stock has managed to crossover its 200 Day Moving Average (DMA). This move was accompanied by smart surge in volumes. The argument further gets confirmation as the stock has broken the short term downward trend line. The stock has corrected from the high of

2845 in December 2009 to touch a low of

2,300 forming a downward sloping channel."

HDFC provides housing finance. It'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, HDFC Developers, HDFC ERGO General Insurance, HDFC Holdings, HDFC Investments, HDFC Property Ventures, HDFC Realty, HDFC Sales, HDFC Trustee, HDFC Venture Capital and HDFC Ventures Trustee. If the stock is purchased at today's closing price of

1,704, the investor could make a profit of three percent.

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