Sell HDFC with stoploss of Rs 800: Dipesh Mehta

One can sell HDFC with stoploss of Rs 800, says Dipesh Mehta, Nirmal Bang Securities.

Mehta told CNBC-TV18, "HDFC has just broken all its short-term moving averages also. There is a lot of writing also happening on the higher strikes of around Rs 800-820. So, I would recommend people for a hedge purpose also going long on Nifty, long on Maruti Suzuki India. Sell HDFC on the contrary for the target of Rs 748 on the lower side with a stop-loss of Rs 800."
At 13:36 hrs Housing Development Finance Corporation was quoting at Rs 772.75, down Rs 20.35, or 2.57 percent. It has touched an intraday high of Rs 790.15 and an intraday low of Rs 763.45.
The company's trailing 12-month (TTM) EPS was at Rs 24.10 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 32.07. The latest book value of the company is Rs 123.07 per share. At current value, the price-to-book value of the company was 6.28. The dividend yield of the company was 1.42 percent.