Manoj Murlidharan Vayalar of IIFL recommends buying Indiabulls Real Estate at Rs 59 with a target of Rs 61. Keep a stoploss at Rs 56, he adds.
Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, "Realty is seeing some cash based money and the good part is that Indiabulls Real Estate is on a cumulative front. Good addition in long positions is also visible in the stock future. At Rs 59, it is a buy with a stoploss of Rs 56 and we are expecting close to Rs 61 on it."
At 13:49 hrs Indiabulls Real Estate was quoting at Rs 58.45, up Rs 0.75, or 1.30 percent. It has touched an intraday high of Rs 59.25 and an intraday low of Rs 57.60.
The share touched its 52-week high Rs 87.30 and 52-week low Rs 54 on 17 May, 2013 and 10 April, 2013, respectively. Currently, it is trading 33.05 percent below its 52-week high and 8.24 percent above its 52-week low. Market capitalisation stands at Rs 2,478.34 crore.
Disclosure: We have discussed this with our clients but no personal holdings.