Buy Unitech with a target of Rs 34-35: Jitendra Panda

Jitendra Panda, Future Capital is of the view that one can buy Unitech with a target of Rs 34-35.

Panda told CNBC-TV18, “The high beta stocks are doing well whereas the FMCGs have taken a correction or some profit taking is happening there or exit of a position moving out. The real estate sector takes the first upmove and we can see lot of open interest adding on the long side whether it is HDIL, DLF or Unitech. So out of the whole pack I am recommending Unitech at current price to go long again. Although DLF and HDIL has given the breakouts, Unitech is rightly poised now to see the upmove and with more than 11 lakh open interest on the current series on the Futures side we believe Rs 34 is the target where we should look Rs 34-35 level on Unitech and keep the stop loss at Rs 31. Any breakdown below Rs 31 we can see it cracking back to Rs 29, but at this juncture with 11 lakh open interest adding Rs 35 is where the target is on the long side, I am recommending on the high-beta stocks.”