DLF may test Rs 98, Tech Mahindra Rs 502: Mithil Pradhan

Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "DLF and all the real estate stocks are inherently very weak on charts. Yesterday it tried to break above the Rs 120-121 zone but I think the breakout has failed and that is the kind of reaction that you have seen. Similar thing has happened with the market. Yesterday Nifty tried to break above 7,800-7,820 zone but the breakout has again failed.""I am expecting DLF to make a new low around Rs 95 odd levels. I think this time it will easily break Rs 100. I will keep a stop loss at about Rs 124 which is somewhat higher than yesterday’s high, Rs 98 is my target," he said."For Tech Mahindra Rs 550-560 zone is a major resistance, it has given a dead cat bounce now. So I would use this dead cat bounce to open short positions. My target is approximately around Rs 502 though this is a conservative target and I am looking at a stop loss at about Rs 549 for the day," he said.