CK Narayan, managing director at Growth Avenues is of the view that one can buy HDFC Bank at around Rs 875-880.
"One which comes to mind is India Cements . Cements have borne the brunt of some selling. India Cements dipped down into a low and found very willing buyers at lower levels. It did re-test that bottom and closed higher creating an intraday buy pattern. Between Rs 110-114, I would be a buyer and in India Cements look for Rs 125 level to be achieved easily across the next week," he said.
"Similar situation exists in Indiabulls Real Estate from the real estate pack which had a very good upward move, hit a low about Rs 65 closed at about Rs 72 or thereabout. A nice price pattern is there; I would look for momentum to persist in Indiabulls Real Estate."
He further said, "From the private sector banks, a great looking breakout has happened in HDFC Bank and even though there were rumours to the contrary about the merger during the week but the way the stock has behaved, perhaps on the news about the loosening up
by the Reserve Bank on the foreign portfolio investment thing should help it move along. HDFC Bank would be a great buy at Rs 875-880 level."
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