Unitech has support at Rs 25.5: Kulkarni

Shardul Kulkarni, Angel Broking is of the view that Unitech has support at Rs 25.5.

Kulkarni told CNBC-TV18, “It is very difficult to give a support level once a stock falls 20-25 percent. We have seen what has happened in case of Housing Development Infrastructure Ltd (HDIL). Wherever there have been corporate governance issues the market has been clearly in a punishing mood. So going forward I would say that there is a little bit of a probability that stock can take support near the levels of Rs 25.5 and just below that there is a support level of Rs 23.
He further added, “However I would definitely like to give one advise that one should not be looking at buying just because the stock has fallen Rs 20-25 percent. It can even fall further so stay away from this particular counter. Let the dust settle on the news, let there be clarifications. Post that one can probably look at it but definitely not at today’s price.”