See selling pressure in DLF around Rs 260: Bothra

Selling pressure is likely to be seen in DLF around Rs 260, says Kunal Bothra, Sr Technical Analyst, LKP.
 
Bothra told CNBC-TV18, “Good recovery for DLF but my belief is many of the real estate counters IVRCL Infra, Unitech, Housing Development and Infrastructure (HDIL), etc most of them are witnessing short covering because that is where you see this strong kind of performance coming across in many of the real estate stocks just on a single day.”
 
He further added, “This short covering would last for couple of days more. DLF from Rs 248-250 could last till Rs 255-258 levels but that could be about it because it’s facing a severe selling pressure coming across around Rs 260 levels. So, anyone who is probably playing for trading pop you can look for an Rs 5-6 gain or more on DLF.”