Bhushan Steel has potential to test Rs 485: Harchekar

Amit Harchekar of IIFL is of the view that, Bhushan Steel has a good potential to test levels of Rs 485, so one can buy the stock from the midcap perspective.

Harchekar told CNBC-TV18, "Bhushan Steel is quite interesting. It has been sustaining above levels of Rs 445 and the stock has a good potential to test levels of Rs 485. So that can be bought from the midcap perspective. Even the real estate pack is looking absolutely good at this juncture. We have already seen good outperformance since last few days and that is clearly indicating that good accumulation has happened even at higher levels." He further added, "Stock like DLF still has more room to go up by 7-8 percent. Indiabulls Real Estate is looking good above Rs 74, that is indicating a target above more than Rs 80. So from the real estate space one can look out for DLF and Indiabulls Real Estate while I think rest of the fertiliser pack and cement stocks, I think one should stay away from that counter." Disclosures: We have recommended metal stocks to our clients but no personal holdings.