Real estate stocks have been murdered: Ashwani Gujral

Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, in an interview with ET Now, talks about HDIL.

Do you think there is some more headroom left for HDIL?

No, all the real estate stocks have been murdered. Something can outperform for a short while but that does not make it a buy. In fact given that it has outperformed, it is very close to its resistances. It is a good short sell, maybe with a stop of about 180 and back towards targets of 145-150.

The next leg of this downside may be led by the stocks which have not fallen. Now you cannot expect IVRCL to decline another 50 points because there are only 65-70 left. So you have to be careful of those outperformers now beginning to show declines and we have seen that yesterday and day before that the stronger stocks are now coming down. There is no value in trying to short sell real estate from here.