IFCI may test Rs 35- 36 levels, says SP Tulsian, sptulsian.com.
Tulsian told CNBC-TV18, "I don't think that PFC and REC up move is really reliable. If you see the trading pattern of both these twins for last couple of months they do show up move and that doesn't last for more than couple of days and probably I am expecting the same thing to happen. Probably I won't be surprised to see it again correcting from day after tomorrow, Friday or Monday and that will again show the negative trend."
He further added, "In case of IFCI this is again a case of value buying the kind of hammering which we have seen into the stock at Rs 21-22, because if you recall in the month of December there were lot pledged calls. The pledged shares were getting sold out because of the huge exposure of this IFCI into the promoter, stock lending against the promoter share and probably that is coming to an end because of the good up move we have seen in those category on which the company has financed. So probably it is a effect of that. This positive impact can take the share price to move to about Rs 35-36 in this month itself because this is pure hammered stock and now the renewed buying interest at the lower level we are seeing the valuation call being taken again on the stock."
