Buy HDFC Bank, IDFC: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com recommends buying HDFC Bank with a target price of Rs 690-700 and IDFC with a target of Rs 140.
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Jul 06, 2013, 02.21 PM | Source: CNBC-TV18

Buy HDFC Bank, IDFC: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com recommends buying HDFC Bank with a target price of Rs 690-700 and IDFC with a target of Rs 140.

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Buy HDFC Bank, IDFC: Sudarshan Sukhani

Sudarshan Sukhani of s2analytics.com recommends buying HDFC Bank with a target price of Rs 690-700 and IDFC with a target of Rs 140.

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Technical Analyst, s2analytics.com | Capital Expertise: Equity - Technical

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, " HDFC Bank  and IDFC are both bullish in different forms. HDFC Bank has moved into a trading range, build a fairly bullish pattern, a bullish head and shoulder and it is willing to get out of it hopefully next week. That tells us that HDFC Bank is a heavyweight, so if it is making bullish patterns perhaps the Nifty is also on its way to the upside. Apart from HDFC Bank, which has a target price of Rs 690-700 on the upside, we have IDFC.

"IDFC doesn't have the same momentum as HDFC Bank has. It is bottoming out, but then we are buying almost at the lows of what was a big down trending move. IDFC gives the sense that it is building a small base, it is now rallying from that base and we are looking at a target of Rs 135-140 for it. So, both financials have attractive chart patterns of different types for buying," Sukhani said.

Also Read: July rate cut unlikely; see no margin impact in 2013: HDFC

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