Parag Doctor, Head-Trading Strategies of Keynote Capital's told CNBC-TV18, "Housing Development and Infrastructure (HDIL) has been in a severe bear market since at least a year or so. Since it made a recent high around the Rs 120 and lost more than 70 percent or so."
"In such severe bear markets the stocks generally seek lower levels and that is going to be the case in HDIL also. The last rally which happened terminated around the Rs 45 levels, so assuming the market sentiment changes and with a rally in the stock at best one can hope for Rs 40 maybe Rs 45 levels and if nothing materialises and since the stock has made a fresh low today it can swing to even Rs 20 or Rs 22 levels on the downside technically," he said.
"My advice is to reduce positions, even at these current levels reduce partially and on rallies exit the stock entirely. If at all he wants exposure to realty space it is best to be in a largecap stock maybe like DLF."
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