HDIL can correct to about Rs 70, says Tulsian

SP Tulsian of sptulsian.com is not positive on HDIL. He feels the stock can correct to about Rs 70.

Tulsian told CNBC-TV18, “I am not keeping my positive stance on HDIL. It can move to about Rs 82-83-84 because of the technical factors but I am keeping my caution. Since, I am cautious, I will not be surprised to see price falling back to about Rs 70 because you do not know, suddenly again some institutional investors may come to sell the shares in the market, which we have seen last week also.”
“Apart from promoters even Citi sold shares in the market and that has dragged down. On one day we have seen the delivery of 3 crore shares. So if that situation continues even now, I will not be surprised to see. But yes, not much downside maybe can correct to about Rs 70 or so but I am not keeping the positive stance on the stock.”