Avoid mid-cap real estate stocks: Kunal Saraogi

In a chat with ET Now, Kunal Saraogi, Technical Analyst, equityrush.com, shares his views on the outlook of mid-cap real estate stocks.

Is it essentially high beta in nature and, therefore, mid-cap real estate is doing well or are the charts suggesting some bit of sustained momentum, may be in Parsvnath or Ackruti City?

It is too early to take a call here. If you look at Parsvnath Developers, the stock chart does not inspire too much confidence even after today's move. So, I would rather stay away from mid-cap real estate for now until they manage to continue with the current buying momentum and unable to cross their resistances, which is still some distance away. So, I would rather look at mainline real estate counters that are breaking out and that probably hold more promise. So, I would keep away from here.