Sell Unitech on rally: Phani Sekhar

Sell Unitech on rally, says Phani Sekhar, Angel Broking.

Sekhar told CNBC-TV18, "I think the bottom is there in Unitech, because at Rs 39-40 the stock had fallen below book value and for a stock of the size and scale of Unitech, which certainly looks pretty attractive. The negative sentiment in the real estate space not withstanding, but the primary difference between the Unitech and any other larger real-estate company is that you also have the ghost of a 2G riding on the back of Unitech. Although the company per say might not be involved. But these things are difficult to separate as far as sentiment is concerned"

He further added, "I think the stock is unlikely to give you a secular growth trajectory as far as stock price is concerned and operations as we all know in real-estate companies are lumpy and anyway you have to be a longer term investor. But as far as the sentiment is concerned, you will actually see the stock reacting on a day-to-day basis on a news flow. To that extent I think the stock is nearing Rs 50, can it go to Rs 60? Yes it can, but it is more of a trading call than investment call. So my advice will be that sell on rally."