Accumulate HDFC at lower levels: Sameet Chavan

Sameet Chavan of Angel Broking told CNBC-TV18, "One can accumulate Housing Development Finance Corporation (HDFC) but at lower levels, not at current level. Recently, we have witnessed a sharp correction from the higher levels of Rs 1,350, however Rs 1,100 acted as a strong support. The stock rebounded from these levels but we are seeing a near-term resistance around Rs 1,180-1,200. The level of Rs 1,100 to Rs 1,080 is the strong support zone for HDFC. In case of a decline, one can accumulate the stock in this range of Rs 1,100-1,080. Rather than buying at current level, I would ask to wait for few days."At 12:36 hrs Housing Development Finance Corporation was quoting at Rs 1,179.40, down Rs 4.75, or 0.40 percent. It has touched an intraday high of Rs 1,183.35 and an intraday low of Rs 1,166.10.The company's trailing 12-month (TTM) EPS was at Rs 38.09 per share. (Jun, 2015). The stock's price-to-earnings (P/E) ratio was 30.96. The latest book value of the company is Rs 196.41 per share. At current value, the price-to-book value of the company was 6. The dividend yield of the company was 1.27 percent.