Negative on real estate space for near term: Angel Broking

Shardul Kulkarni, Senior Technical Analyst, Angel Broking

Does the entire real estate space or only DLF in particular looks weak?

This translates into the entire real estate space, we are negative on that space for the near term. Indiabulls Real Estate, DLF, Unitech continue to be in lower top, low bottom cycles and every lower bottom that the stock makes, the volumes increase, so that clearly is a sign that there is further negative sentiment, which continues to be in this sector. DLF specifically we chose because we saw that the risk-reward ratio is favourable in DLF. Indiabulls Real Estate has fallen yesterday, Unitech too has fallen more than 5% yesterday, so DLF is one stock that we feel that can reach to 290-285 levels, so that 290 is the target price for DLF but overall we remain negative on this particular sector. So long as DLF does not cross 325, we would not initiate buy calls in DLF. Similar with Indiabulls Real estate as well as Unitech.