Unitech can move to Rs 29, says Kulkarni

Unitech can move to Rs 29, says Shardul Kulkarni, Angel Broking.

Kulkarni told CNBC-TV18, “DLF, we are seeing is that the stock has taken strong support at the Rs 212. Incidentally Rs 212 is the 61.8% retracement support level and from a Fibonacci retracement support when the stock bounces generally you will see a bounce upto the levels of 30% or even little higher. So, we are expecting Rs 228-230 as a target price for DLF. Overall the stock is still in a corrective phase and I think that this bounce can be used to exit but till Rs 230 I think that stock has the potential to bounce. “
He further added, “The story for Unitech is quite different. Stock is up 12% in today’s trading session. It was in a sideways correction and whatever losses it had made over the past four trading sessions those have been wiped off in a single trading session and the stock is showing a strong momentum. I think going forward the stock has the potential to move to around Rs 28-29. What story is brewing up so something which I don’t know but atleast looking at the chart structure I think the weekly as well as the daily charts is changing quite rapidly? Going forward stock may move to around Rs 29 in the near future.” Disclosure: It is possible that we have positions in the stocks discussed and we have recommended them to our clients.