CK Narayan of Growth Avenues advises buying Housing Development Finance Corporation at lower levels.
CK Narayan of Growth Avenues told CNBC-TV18, " ITC and Housing Development Finance Corporation (HDFC) from a market perspective two completely different animals, HDFC seems to be complete pullback of a profit taking nature it is not any kind of sell off. There has been some amount of light level of profit taking if you look at the derivatives side I see a significant built up in positions which is not to be treated lightly."
He further added, "There is lot of talk now more so concentrated on the merger stuff. If you really look at a relative performance chart between HDFC and HDFC Bank clearly in the recent weeks, HDFC has very definitely taken the lead, so the market seems to be leading more towards HDFC as probably coming out with the better end of the stick. Lower levels in HDFC should definitely be useful to buy."
"As far as ITC is concerned bit of a range, fast moving consumer goods (FMCG) stocks moves in fits and jerks. They are all up there valuations has always a bit of a tricky issue as far as FMCG is concerned. We have been saying that ever since they were 25 times PE and now they are 40 times PE and the same set of arguments still persist but the stocks are in no more to come down. Periodically one should be buying into ITC the defensives names that is the stock which I am extremely bullish on and if you ask me one stock which will double in two years is ITC," he said.
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