Below Rs 325, DLF can test Rs 270: Deshmukh

121782 Investors following DLF. Share this News with them.

0

Like this story, share it with millions of investors on M3

Below Rs 325, DLF can test Rs 270: Deshmukh

Below Rs 325, DLF can test Rs 270, says Akshata Deshmukh, Networth Stock Broking.

Post your opinion here

 

0

Tweet

Share on Tumblr

Excerpts from Markets Midday on CNBC-TV18 Watch the full show » ALSO READ See previous views by Akshata Deshmukh See what other Experts & Brokerages are saying about DLF See messages about DLF DLF BSE | NSE 10/02/12 Are Mutual Funds betting on DLF?

Below Rs 325, DLF can test Rs 270, says Akshata Deshmukh , Networth Stock Broking.

Deshmukh told CNBC-TV18, "The real estate is much more weaker on the near-term charts especially stocks like Housing Development and Infrastructure (HDIL) and Indiabulls Real Estate both have given a breakdown. Though DLF is still holding on to a critical support level of Rs 325, below which I think the stock will test Rs 270 levels straight away. So I think it is a very critical level to watch out. Even Unitech is not strong as even DLF for that matter, breakdown below Rs 72 will mean testing Rs 62-63 levels directly. So my sense is that real estate stocks are much more vulnerable right now.

She further added, "Bank Nifty has not been able to cross the key resistance levels, though it was holding on for quite some time. I think the stocks like State Bank of India (SBI) and ICICI Bank both have become a quite negative or bearish as of now. But no major breakdowns are yet to be seen on the near-term charts. So a short covering in banking is much more likely in a couple of days from here on."