Vaibhav Agrawal neutral of HDFC

Vaibhav Agrawal, VP Research-Banking at Angel Broking told CNBC-TV18, "We do track HDFC and we have been neutral. In this stock, the quantitative expectation continue to rise and that would partly be on expectations or may be in speculations on the merger going through clearly the likelihood of that is there. So that would be one of the reasons and also of course the housing sector itself expected to do well. The stock has been doing well but right now the valuations have given us no opportunity at any point to enter in with a buy view."

"We remain neutral on the stock because the valuations in our view are more than fairly pricing in all the positives," he added.