HDIL has target of Rs 120-125: Agarwal

Shubham Agarwal of Motilal Oswal Securities is of the view that HDIL has target of Rs 120-125.

Agarwal told CNBC-TV18, “In last month we had realty index moving almost 23% whereas the market moved only 11% so there was a significant outperformance that we saw from that space. Even on the sector rotation chart we have seen that realty and infra these are the two sectors which are emerging as a new buy. A first swing after such a long time has happened on these two space so people are very keen on exiting those stocks out from their portfolio because they are still worrying that we might see a lower low on that, But if you talk about the individual stocks like HDIL or DLF I still feel that there is a good possibility that after the temporary retracement maybe 4-5% lower from the current level but I feel that these are the names which can actually bottom out and can enter for a new highs.” He further added, “HDIL, I feel that there is a target of around Rs 120-125 so there is a decent upside that we see on the stock and even DLF, the support level of Rs 215 to Rs 220 is a decent support area so in case if it reverses from that level then it will again open up the room for Rs 260 on that stock. IT and infra stocks can have buying opportunity on the dips. Maybe we can have some short-term corrections but the overall sector view does not change and the outperformance can be seen in the coming months. Disclosure: I don’t have any personal holding but we might have recommended some of the stocks to our clients.