Samvat 2072: DLF may give relief rally, says Jai Bala

Jai Bala of 1857 Advisors told CNBC-TV18, "We were bearish on DLF sometime back when it was at Rs 175-180. Now, it has declined to a level below Rs 100 that we were anticipating and from there, it has been showing a lot of positive price action. So, when the market completes the down leg, it usually rebounds at least to the previous important resistance. That is placed somewhere around Rs 175-180 for DLF. So, this is not a next week call or a next day call, this will play out over next several weeks to a couple of months.""DLF is setting itself for a relied rally close to somewhere like Rs 175-180. But if it were to go below Rs 175, that call is off, so we want to see positive price action in the next few days to come through and I think DLF is going to give a relief rally for the major decline that has happened from Rs 240 plus," he said.