Amit Harchekar upbeat on Unitech, Indiabulls Real Estate

Amit Harchekar of IIFL is of the view that, Indiabulls Real Estate has a target of Rs 74 and Unitech is also looking good in the real estate space.

Harchekar told CNBC-TV18, "I would be watching out levels of Rs 29.5 in the Unitech quite closely because that turns out to be the up thrust of the ending diagonal and if it manages to close above Rs 29.5 I wouldn’t be surprised to see levels of Rs 34 back." He further added, "In real estate pack I like Indiabulls Real Estate quite a lot. Yesterday the stock has moved above the resistance levels of Rs 66.5 and that is projecting a target close to Rs 74. So, both Unitech and Indiabulls Real Estate is looking good but since we had already good rally in Unitech we might see some profit booking coming out as it approaches the levels of Rs 29. Indiabulls Real Estate has given a good breakout from that multiple resistance zone of Rs 65-66 so the risk reward ratio is quite favorable for going long in Indiabulls Real Estate at these levels."