Exit HDIL: Sukhani

Sudarshan Sukhani, s2analytics.com is of the view that one should exit HDIL. The stock may slip to Rs 60.

Sukhani told CNBC-TV18, “Housing Development and Infrastructure (HDIL) has broken all support levels. Rs 93 was a base, it broke that and it has come to Rs 79. It is amazing in the sense that in two days a stock can break so much. It is very unfortunate that people are locked up in this stock which was doing very nice rally. What will happen in six months that would depend purely on the news that emerges from the company.”
 
He further added, “On the chart there is no support till Rs 60, so as a chartist I would say that if one has a one year time horizon then must be prepared to see the stock come down Rs 60 from Rs 79. It is a possibility. It is very difficult for me to say what the news will bring. I heard you ask the question yesterday that there are so many other rumours and talks about the company. Ideally once a company falls into trouble it is wiser to get out as soon as you get the sense. So ideally I would say one should get out and switch to some other stock.”