Parsvnath Developers may settle around Rs 48- 50, says SP Tulsian of sptulsian.com.
Tulsian told CNBC-TV18, "Parsvnath, financing or the margin call which we have seen to the extent of about Rs 1 crore share seems to have got over and that's the reason infact share has bounced back. First it corrected by about 50%. It fell from may be about Rs 65-66 to as low as Rs 30-32 and now for last three days since that deal seems to have happened which we get to know from the volume taking place on the exchanges, I think that we are seeing again the renewed interest coming back in the stock but I think because ultimately on a net basis we are going to see the value erosion in the share price because I am expecting it to settle at about Rs 48-50."
He further added, "HOEC has been a trader's favorite stock and whenever we see this stock moving up, it continuously moves on and it goes up and suddenly it corrects. I don't think that there are any fundamental reasons to justify. Infact this is pure traders stock and which is driven more by the trading parameters and trading forces and I don't think that - may be now from hereon it looks quite risky because it has run quite a lot from may be about Rs 108-110 in last week to 10 days or so."
