Sell DLF and Bank of India at current levels, says Sudarshan Sukhani, s2analytics.com.
Sukhani told CNBC-TV18, "DLF had downside even when the small rally was going on and now I think the small upside in DLF has fizzled out. It has significantly more downside left. We must remember that big declines have already come in real estate stocks but there is no sign that they are reaching a bottom. So not just DLF, a range of them will see lower levels. But for today DLF is a short sell. The markets itself could remain choppy and weak and in that real estate would be an underperformer. So sell DLF, look at a modest target of Rs 182 but you never know it would go lower."
He further added, "One of the reasons is that banks started underperforming yesterday itself. I thought they would continue maintain their performance with the Nifty but that didn't happen. Banks are expected to move down again and PSU banks are the weakest of the lot. Bank of India is then the weakest in the PSUs, so it's really an ideal short sell. Even if the markets were to remain choppy or even slightly go up I think Bank of India has been too languish. So sell Bank of India, look at a target of Rs 277. That target could be devised downward because it could actually open lower, but that traders understand. But within that it's a short sell."
