Karvy Stock Broking Limited has maintained ‘Buy’ rating on Housing Development and Infrastructure Ltd (HDIL) stock with an intraday target of Rs 850.

According to Karvy, day traders can purchase the stock between Rs 825-830 with a strict stop loss of Rs 810. If the stock market remains on positive track, the next target for the day will be above Rs 852.

Shares of the company, on Tuesday (May 20), closed at Rs 842.40 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 3107428. The share price also touched a high of Rs 849.80 and Rs 792.25 during the day. The share price has seen a 52-week high of Rs 1432 and a low of Rs 473.5 on BSE.

The outlook for the stock is really very strong, and it is expected to rise on the back of huge volumes.

A meeting of the board of directors of Housing Development & Infrastructure (HDIL) will be held on May 21, 2008, to recommend  final dividend and approve the audited financial results for the fourth quarter and for the year ended Mar. 31, 2008.

Housing Development and Infrastructure (HDIL) is a Mumbai-based company primarily engaged in the development of residential, commercial, retail properties and is also involved in the slum rehabilitation scheme.

HDIL has land reserves spread across three states of India admeasuring 112.1 million sq. ft. The company is to diversify into the special economic zones (SEZs).

Other stocks from the same sector that looks good for short-term as well as long-term trading includes DLF, Indiabulls Real, Akruti City and Anant Raj Ind.