Unitech has target of Rs 175-185: N Pillai

Neppolian Pillai of Modern Shares & Stock Brokers is of the view that Unitech has target of Rs 175-185.

Pillai told CNBC-TV18, "Real estate Index is very clearly moving on a downward, tracking a downward channel on the comparative chart and that comparative chart bottom is quite far off still even in terms of channel and techniques. So the sector is going to be weak, most of the stocks are reflecting that weakness. But within that sector if one has to go and pick then Unitech is doing some interesting thing at about Rs 150-153 level. What we call Fibonacci expansion taking right from the top that hits at around Rs 152-153 range. That’s a place where I can begin to look at the stock maybe chip in with a small lot at that level and then the next level is around Rs 130 that would be one standout stock within that. It is one stock which we have a lot of historical evidence because that’s one of the property stock, which listed quite long back. That is one stock, which I would be positively bias for an upside target of about Rs 175-185."