HDFC may head to Rs 1200-1240: Sacchitanand Uttekar

Sacchitanand Uttekar of Motilal Oswal Financial Services told CNBC-TV18, "Housing Development Finance Corporation (HDFC) has been a relative outperformer and in the last couple of trading sessions wherein the Nifty has been on the declining side, the stock has held on well above Rs 1,140 levels. So, the stock is relatively better in a scenario like this and stop loss can be placed at around Rs 1,124. We expect this particular move to extend right up to Rs 1,200-1,240 levels. So, it is a very good risk-on trade wherein stop loss can be placed at Rs 1,124 right now."At 13:41 hrs Housing Development Finance Corporation was quoting at Rs 1,164.15, up Rs 14.70, or 1.28 percent. It has touched an intraday high of Rs 1,172.70 and an intraday low of Rs 1,151.05.