IIFL has given a buy recommendation on HDFC with a target price of Rs 680. On the line chart, HDFC has given a breakout from bearish resistance line accompanied with spurt in volume activity. The stock was consolidating in rounding bottom formation which resembles bullish structure.

Also, the stock gave a close above its 200-DMA and 100-DMA on Monday. A breakout is also seen in daily RSI after formation of rounding bottom, this provide supplementary evidence of sustainable upmove in the counter and stock is likely to head towards Rs 685 in the medium term. "We advise buying the stock above Rs 664 with a stop loss of Rs 656 for an immediate target of Rs 680," the brokerage said.

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