Exit Unitech on rallies: Baliga

Ambareesh Baliga of Karvy Stock Broking is of the view that one can exit Unitech on rallies.

Baliga told CNBC-TV18, "I am not laying my hopes on the real estate space. We could some amount of bounce back in Unitech whenever the market performs. But again, at least a medium to long-term view on the real estate sector is negative. So it does not really make sense in buying any of these realty stocks just because they are quoting below their NAVs since the NAV is a dynamic figure. In case real estate prices continue going down further, which we expect to over the next 4-5 months, one will see the NAV going down too. So one should utilise any of these bounce backs to exit this stock. I suppose Unitech should be able to get back again possibly closer to Rs 100 levels where one can take a long-term view."

Disclosure: Analyst has interest in Ranbaxy, Tata Motors and TCS.