Unitech may slip below Rs 20: Panda

Jitendra Panda of Capital First Securities feels that Unitech may slip below Rs 20.

Panda told CNBC-TV18, “Sectors like real estate, banking or metals which were up and if you go two months back November-December and January where lot of hopes were built-up on the reforms and momentum catching up have fizzled out post Budget and even after the rate cut from RBI, these interest rate sensitive sectors are not seeing any interest on the long side." He further added, "So we are seeing a tactical downward shift across and especially in the real estate sector we see huge short positions build up and the rollover also happening there but mostly on the short side. Unitech is a clear example. Even DLF is seeing those kind of pressure but in Unitech we can see below Rs 20 levels. So current levels could be a short for April series for level of Rs 20 where it could take a support and additionally the same way in GMR Infrastructure we could see price of Rs 19 where people are looking at or anything below. So those interest rate sensitive sectors are seeing pressure.”