Indiabulls Real has resistance at Rs 123: IIFL

Indiabulls Real Estate has resistance at Rs 123, says Amit Harchekar, IIFL.

Harchekar told CNBC-TV18, "The rally what we are seeing in the real estate stock is basically because we are seeing a good upmove in the market and as we know these are high beta stocks so definitely once we get a good cushion in the markets after forming in higher tops and higher bottoms certainly these stocks attract buying interest. But we have to watch out for these stocks like HDIL, which are showing a breakout signs."
He further added, "If you look at Indiabulls Real Estate has been trading somewhere around Rs 120 levels, but there is a resistance in somewhere in the range of Rs 123. So the moment we see a breakout above Rs 123 in IB Real Estate you will see a good upspurt towards Rs 133-134. So I would watch out IB Real Estate very closely and wait for a breakout."