HDIL on daily as well as on weekly chart is showing a bullish flag formation and trend is looking good. However, one can keep a modest target of Rs 80 on Orbit Corporation keeping a stop loss of Rs 53, says Kunal Bothra of LKP.
Bothra told CNBC-TV18, "Many of the real estate stocks have been doing very well. In fact HDIL is one of the interesting stocks which is in a clear uptrend. If we call it on a weekly chart or even on a daily chart, it’s found a bullish flag formation and currently trading at Rs 117-118 levels. The trend looks good." He further added, "I would again bet on the second leg which is forming a good chart formation but just on the verge of a decent breakout and something like Orbit Corporation on the real estate sector comes to the eye in terms of technicals. It is trading around Rs 60-61 levels but a breakout above Rs 62 or any close above Rs 62 you could see a very strong surge in momentum. I am looking at a modest target of Rs 80 on Orbit Corporation keeping a stop loss of Rs 53 but this is one stock which is due for a very strong uptrend."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!