Ashish Chaturmohta, Head-Technicals and Derivative Research at Fortune Group recommends shorting Indiabulls Real Estate as the stock may crack below Rs 36.
Ashish Chaturmohta, Head-Technicals and Derivative Research at Fortune Group told CNBC-TV18, "Overall we have witnessed a very strong selloff being seen in most of the counters be it Housing Development and Infrastructure (HDIL), DLF or Unitech but we have not seen that kind of selling pressure coming in to Indiabulls Real Estate but clearly the structure of Indiabulls Real Estate is also very weak because it is trading just 10-15 percent higher from its all time lows. So there exists a very strong possibility that this stock also will break its previous all time low, which is around Rs 40 levels and can test somewhere around Rs 37-36 levels in coming days."
"The overall structure is quite weak. I think keeping a stop loss above Rs 49, one can initiate a short call on Indiabulls Real Estate at current level and on downside one can expect a target of Rs 40 in short-term whereas on the medium-term, this stock has a potential to crack below Rs 36 as well," he said.The Great Diwali Discount!
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