Shubham Agarwal of Motilal Oswal Securities recommends selling HDIL for a target of Rs 58.
Shubham Agarwal of Motilal Oswal Securities told CNBC-TV18, "In HDIL, if you look at the price pattern, we all know that the long-term setup is still negative and on the short-term scale, after a consolidation we did see that the important support that was there around the level Rs 73 has already been taken out. So, we expect that the sell-off that we are seeing there should continue. Overall, we expect the target of Rs 58 to be seen in a timeframe of two to three weeks and a stop loss for the sell call can be kept at Rs 76.5."
"If you talk about the other real estate names, we have to be very choosy because we are seeing a temporary pullback happening in a few stocks like DLF. Even if you look at the chart pattern of Indiabulls Real Estate, it is quoting around the level of support. So, we would just be choosy on HDIL and we would take a sell call there and should wait for other real estate or may be the overall sector as a whole to fall. So, HDIL is the specific trade for now," he said.The Great Diwali Discount!
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First Published on Nov 3, 2015 10:46 am