Sanjeev Agarwal, CEO at Dynamix Research & Capital Management told CNBC-TV18, "Technically HDIL has been in a bearish grip and it had given a very early sell signal. It had given a sell signal somewhere around Rs 110 and after that there is no sign that when it is going to reverse. Even at this pullback we were very sure that we are going to see new 52 week low or an all time low and that is what is exactly happened. Rs 65 has been a strong resistance, so if you get somewhere around Rs 50 also even Rs 50-60 that can be your best case scenario because unless it crosses Rs 65 there is not going to be any bullish move as of now.”
He further added, “Any pullback towards Rs 60 will be an ideal exiting opportunity for the investors. Overall the scenario looks bad. Overall as I have been maintaining in 2013 the market is not going to go to new highs rather than it is going to go down despite all that noise around the reforms, quantitative easing three (QE 3) and so much of so like India story I still feel that we have a much more downside to see rather than upside, so, better to exit from it.”
“Looking at the major scenario even the macro scenario, I am not too gung-ho about the equities. Overall in any pullback we get whether it is HDIL and majority of the stocks, actually it is a good exit opportunity.”
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