Manoj Murlidharan Vayalar of IIFL recommends buying HDFC at around Rs 770 with a target of Rs 814 and a stoploss at Rs 750.
Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, "There is a lot of sector rotation which might happen in the index. Needless to say, the weightage of HDFC and even the banking space is expected to go to 22 percent from 19 percent. At Rs 770, HDFC becomes an excellent buy and one may keep a stoploss of Rs 750 with a target of Rs 814."
At 13:54 hrs Housing Development Finance Corporation was quoting at Rs 790.25, down Rs 14.10, or 1.75 percent. It has touched an intraday high of Rs 808 and an intraday low of Rs 780.
The share touched its 52-week high Rs 931 and 52-week low Rs 632.20 on 30 May, 2013 and 28 August, 2013, respectively. Currently, it is trading 15.12 percent below its 52-week high and 25 percent above its 52-week low. Market capitalisation stands at Rs 123,047.86 crore.
Disclosure: We have discussed this with our clients but no personal holdings.
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