Weekly Recommendation - Long HDFC Ltd For Target Of Rs. 2890 By ICICI Direct
Rationale
NBFCs have been in focus post Union Budget and heavyweights like HDFC Ltd with low leverage may witness fresh buying. Being the leader in the space, it continues to outperform and managed to make new lifetime highs. As the stock moved higher closure was seen in most Call options and positions moved to 2900 and 3000 strike. We feel the stock is well placed to move towards | 2900 levels and give support to the index if selling comes in other heavyweights.
Long HDFC Ltd (HDFC) February future in range of Rs. 2745-2755; Target: Rs. 2890; Stop Loss: Rs. 2678
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