DLF has target of Rs 504-518: Mathew

Technical Analyst, E Mathew is of the view that DLF has target of Rs 504-518.

Mathew told CNBC-TV18, "DLF was heavily oversold at the time just and that opportune time that buyback announcement was made. I think I won’t say that I know there is the negativism on this sector is very high, but I would say this pullback rally has still got some steam left and maybe on declines, maybe at round about the stock has got very good support, at round about the Rs 422-425 zone, on declines it would still merit a buy provided you are playing just for a pullback and not for an investment call. This pullback rally’s target is around Rs 504-518 that possibility is there, it’s not going to be a market outperformer. But if the market does support an upmove, then I think DLF would also move along."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.