HDIL may see further downside: Madan

Ashu Madan- President - Core Client Group, Religare Securities Ltd is of the view that Housing Development Infrastructure Ltd (HDIL) may see further downside.

Madan told CNBC-TV18, “HDIL has crossed the fundamental resistances also and the way it has cracked today it has broken all levels. So there is something which is not meeting the eye which is beyond the balance sheet. So the news flow which is surrounding you may discount 90 percent. But even if there are 10 percent correct we are in for the bad times ahead at these prices also.”
He further added, “In the morning also it was around Rs 60 and there was a negative news flow around the stock and the way it has tumbled around more than 20 percent intraday, it seems that the worst is still not over for this stock. So it is a very unfortunate situation for the investor and it is looking impossible for HDIL to come back to these levels. Currently the times are bad because market is not supporting, the sector is itself in a problem, all three are negative for this stock. So at what level it will go and stop is a very difficult call. But it is in a downtrend and it will continue to remain so.”