Expect downside in DLF: Baliga

Ambareesh Baliga of Karvy Stock Broking expects more downside in the realty prices till November-December and according to him once that gets reflected in the stock prices, a stock like DLF should at least see 30-35% shaved off from here.

Baliga told CNBC-TV18, "Surely there is no upside from here. Whatever we will see over the next couple of months would only be downside. In fact we been advocating a sell on most of the realty stocks for the last eight-nine months especially we have been talking of the ground realities in December when we had seen the prices weakening at the ground levels. So we felt that that should be reflected in the stock prices but instead of that most of the stocks were going up on stories that the realty prices are still moving up. We feel that we will see some more downside in the realty prices till November-December and once that gets reflected in the stock prices, a stock like DLF should at least see 30-35% shaved off from here."