Short Indiabulls Real Estate, target Rs 57: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "Indiabulls Real Estate has provided a candlestick reversal pattern which is a shooting star. In the last one month, the stock has failed to create a close above its 200-day moving average (DMA). So I think it has reinforced the negative trade in the counter. Also unless this pattern is violated with the pattern of may be a bullish engulfing or hammer pattern, I believe it is going to go lower. Somewhere close to Rs 55-58 and I believe that since the overall trend of the structure is negative, the selling pressure is likely to accentuate once it gives a close below Rs 63. So it is a right time to create shorts for a target of Rs 57."At 14:54 hrs Indiabulls Real Estate was quoting at Rs 63.60, down Rs 0.60, or 0.93 percent. It has touched an intraday high of Rs 64.55 and an intraday low of Rs 62.75.Disclosure: Analyst has recommended to his clients but has no personal bias.