Real estate stock charts are bearish: Trend Tech Consultants

Hitesh Eidnani, Founder & CEO, Trend Tech Consultants in conversation with ET Now talks about real estate stocks.

What are you making out of the moves in some of these smaller real estate companies, in particular Mahindra Lifespaces, which is up about odd 6% right now, Rs 479 at this point. Is it a good bet?

Real estate is one counter that the charts are very bearish. They are more than 70-75% down from the January 2008 peak. So the market is definitely giving us a message. This sector is out of focus currently. I would not look at going long in this sector as a contrarian play. I would rather stick to banking, pharma, IT, auto or even oil and gas currently. Some of the fertiliser companies are good as well, but real estate is something that I would definitely not look at going long into currently.