Sell Indiabulls Real Estate, target Rs 85.50: Tejas Shah

Tejas Shah, senior technical analyst at Edelweiss recommends a sell on Indiabulls Real Estate with a target price of Rs 85.50 and a strict stop loss placed at Rs 99.85. The stock has gained 43 per cent so far in the calendar year 2016. The stock is looking bullish on the charts.

Indiabulls Real Estate is a high beta stock (2.65) and is trading well above its 50-day, 100-day and 200-day moving average of Rs 90.11, Rs 71.20 and Rs 66, respectively, as per data collated by ETMarkets.com. The stock is trading with a P/E of 86 and P/B of 0.56.