DLF has good support around Rs 210: Manghnani

DLF has good support around Rs 210, says Anil Manghnani, eqwise.in.

Manghnani told CNBC-TV18, “DLF is a tough one given the news because prior to the news the stock was doing well, trending very nicely upwards. I think Rs 210 would be the next key support, there is a support at Rs 223 but I think the way it is falling today with volumes maybe that will get broken but around Rs 210 is where the major support for DLF.” He further added, “Reliance Industries, I would have said earlier on Rs 825-815 is a buy range but maybe just the way it is falling today, I will give it more closely to about Rs 800 but around Rs 800 it would still warrant a trade atleast on the upside.” “One thing is encouraging to see that the way high beta has moved in the last month, atleast the market is telling it is not done with defensives, you have Sun Pharma, you have HLL, which is near life high, ITC near life high so that all tells you there is still money going into those defensives and it will be a mistake just to write them off. I do not have a target, I have not worked out something but overall set up still looks very good and I think every time you get these kind of days where the market cut gets one percent or two percent cut, you are going to see some of these defensives, which have been fairly quiet over the last three weeks come back. So I think today you are seeing it in Sun Pharmaceuticals, tomorrow it could be some other pharmaceutical stock or maybe even an IT stock given that the rupee now is starting to weaken a little bit.”