Varun Daga, Founder & CEO of varundaga.com feels that Kolte-Patil Developers can test Rs 72-75.
Daga told CNBC-TV18, "The whole estate pack has been a big laggard but lately some of the stocks like Kolte Patil has seen a breakout at around Rs 62 levels. What is important to see is whether it holds up here. We have seen that every correction in the market take these stocks all the way down from where they had started. I think we have to see a downside on these stocks. When some of these stocks do not fall much that is when we known that the rally is about to begin and strength is being formed in the stock. Just because they run-up, they are high beta so they will defiantly run-up. But especially Kolte Patil has broken out at Rs 62 levels. It has to hold this level and Rs 72-75 can be expected on the stock."
Disclosure: The analyst doesn't hold the above mentioned stock.
