Continue to remain negative on IVRCL: Tulsian

SP Tulsian of sptulsian.com said he continued to remain negative on IVRCL.

Tulsian told CNBC-TV18, “Whatever upside we have seen in case of HDIL and IVRCL are also largely because of the short covering. We see huge shorts getting built up. If you recall maybe 1.5 crore shares got created last week in IVRCL, same thing happened for HDIL for about 4-5 crore shares. So we saw good short covering and once that gets over, quickly within less than couple of days then again we start seeing the lack of interest. On top of it, there is a lot of FII holding in the company maybe to the extent of about 35-40 percent. And when the institutional investor starts dumping any stock, I do not think that there is any respite. So, continue to remain negative if not cautious on both the stocks, HDIL and IVRCL.”