Orbit Corporation has resistance around Rs 63: Bothra

Orbit Corporation has resistances at around Rs 63. Rally is expected in the stock, if its crosses the level of Rs 62-63, says Kunal Bothra of LKP.

Bothra told CNBC-TV18, "If we look at the technicals HDIL, Indiabulls Real Estate, both of them fall in the similar category. They have managed to break the previous high. HDIL for example was struggling break that Rs 108-1 09 barrier but a couple of weeks back, in fact last week it managed to break that convincingly. Now, look at the momentum, it is trading at Rs 118-120 levels."

He further added, "If you look at Orbit Corporation on the other hand it is still not managed to break the previous resistance of around Rs 62-63. It is struggling to do that but if look at the indicators and the volume accumulation which is happening there is a very strong indication that if it breaks Rs 62, closes above it would be a next interesting buy in terms of the beta as well because we would get a very strong upward momentum coming from here. On the weekly charts there have been three resistances at around Rs 63 levels for Orbit Corp so a break of that Rs 62-63 would give you an equally strong momentum trigger on the upside."