Unitech can test Rs 49-50: Mitesh Thacker

Unitech can test Rs 49-50, says Mitesh Thacker, Technical Analyst.

Thacker told CNBC-TV18, "We have been liking real estate sector purely because after long time we are seeing some kind of higher-top, higher-bottom formation happening in these stocks. At these levels you might not get very good trading opportunity in the sense that the risk reward equation may not be skewed in the favour of long positions but Unitech still makes a lot of sense. It is kind of catching up late because of the other issues, which this stock has been going through."
He further added, "Yesterday we saw some kind of fresh breakout though I think the initial breakout had happened at Rs 38-38.50, but the follow up happened yesterday that stock could do well. I think Rs 49-50 could be tested over the next couple of days. So that is one stock I would probably still look for buying in case there is some kind of 50-80 odd point correction in the markets."