Indiabulls Real Estate may settle around Rs 66- 68: Tulsian

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Indiabulls Real Estate may settle around Rs 66- 68: Tulsian

Indiabulls Real Estate may settle around Rs 66- 68, says SP Tulsian, sptulsian.com.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by SP Tulsian See what other Experts & Brokerages are saying about Indiabulls Real See messages about Indiabulls Real

Indiabulls Real Estate may settle around Rs 66- 68, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, "I won't take Indiabulls Real Estate as such a big trigger that it can justify a move of about 10-12% in the stock price. I think it has more to do with the off take or sales which are in fact very sluggish, because Indiabulls Real Estate they have their presence in the central part of Mumbai and there the off take or the sales of the real estate is really very sluggish. This is definitely one that will help the company to proceed with their development work, but I won't be taking that as such a big trigger for the stock to move up."

He further added, "The stock can cool down because it was hugely oversold and since it has not been moving up or in fact it has corrected in the last couple months, people have been consistently taking a secular negative call on the stock, so huge shorts have seen built up in the stock. So I think this has more to do with the short covering rather than the fresh buying. So maybe it should take a pause at about Rs 66- 68, because the run-up has already happened in the stock price. Once we see the Q3 results also that can start seeing the stock correcting again from thereon."