Indiabulls Real Estate has target at Rs 84: Harchekar

Indiabulls Real Estate is having an upside target of Rs 84, as the stock has crossed the resistance level of Rs 79.5, says Amit Harchekar of IIFL.

Harchekar told CNBC-TV18, "Indiabulls Real Estate is looking good on charts. It has finally managed to breakout the resistance of Rs 79.5 and that is projecting an upside target close to Rs 84. Still the stock has a good momentum to catch into. Even Housing Development Infrastructure (HDIL) is looking good. Although the upside remains quite capped around Rs 125-126. I like even NTPC. The stock hasn't performed since last two-three weeks and even it has good chances of outperforming by 7-8 percent with overall market. So power stocks could rally and as we are seeing good sector wise shift from banks to oil and gas even power could be rallying in this market.' Indiabulls Real Estate's trailing 12-month (TTM) EPS was at Rs 1.14 per share. (Sep, 2012). The stock's price-to-earnings (P/E) ratio was 70.31. The latest book value of the company is Rs 133.66 per share. At current value, the price-to-book value of the company was 0.6.