HDFC has resistance at Rs 835: Bhamre

Siddharth Bhamre of Angel Broking is of the view that HDFC has resistance at Rs 835.

Bhamre told CNBC-TV18, “HDFC has outperformed in last expiry and had given positive returns, eight-nine percent. However, there is no substantial long position which got added. In fact, the rollover figures are also not that encouraging. It is around 60 percent rollover and four percent reduction in open interest month on month.
Yesterday, there was 10 percent built up in stock despite broader markets rallying. This largecap has not seen significant upside move. There is a 10 percent built up with reducing cost of carrying. We believe that these are some kind of short positions created by strong hands. Stock has good resistance around Rs 835-840 zone, somewhere near Rs 828 right now. So, we are suggesting to go short in this counter with stop loss of Rs 845 for target of Rs 788.”