DLF has target of Rs 335: Thacker

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DLF has target of Rs 335: Thacker

Mitesh Thacker, Technical Analyst, miteshthacker.com is of the view that DLF has target of Rs 335.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by Mitesh Thacker 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?

Mitesh Thacker, Technical Analyst, miteshthacker.com is of the view that DLF has target of Rs 335.

Thacker told CNBC-TV18, "We were expecting this week you will see some kind of good bounce back in real estate stocks and maybe the kind of underperformance which we have seen - they will try to catch up, they are also high beta names. After the breakout of 5,150, we were expecting real estate to catch up but that has not happened. Though we are waiting for some kind of positive action to happen because very clearly what has happened is that after the kind of decline, the indicators have now stabilised and they are signaling some kind of reversals though the price is yet to confirm it. So I would wait for a DLF to get past these levels of Rs 318-320 that is where the stock has been stuck for the last three-four days. Once it breaks above that, you will see upward momentum coming in. We are looking at targets of around Rs 335 and Rs 350 once the breakout happens.

He further added, "Similarly Unitech is another stock which we are watching now very closely. I think the stock has been a big underperformer but looking for some kind of a reversal. Once it manages to get pass Rs 76-78, I think we would probably look at Rs 85. That will also to a certain extent depend on whether the market manages to stay above 5,300 and probably even break it."