DLF has target of Rs 265-270: Thacker

DLF has target of Rs 265-270, says Mitesh Thacker, Technical Analyst, miteshthacker.com.

Thacker told CNBC-TV18, "Realty has been one sector which has corrected the most in terms of percentage declines since the highs of 6,300. I think there was a lower top-lower bottom formation, which is going on for last four-five months and we have just seen a reversal of that. For the first time lot of realty stocks as well as the BSE realty sector manage to break above the recent swing high, so we have got reversal in DLF, Unitech broke above Rs 38-38.5. So I like most of the stocks over here from trading point of view."
He further added, "DLF has met first target of about Rs 248-249 but there is still some more space left. I think Rs 265-270 could be a good short-term target, possibly it could even extend on the higher side because this is one sector which is been beaten down a lot. There is lot of disbelief happening and this is a broader reversal after a long decline and similarly Unitech could do well, Rs 44-45 would be the first supply point but overall the stock could go to even as high as Rs 48-49 levels."