Stay away from Unitech: Ashuu Kakkarr

Ashuu Kakkarr, Technical Analyst, Market Strategist, www.ashuukakkarr.com, talks to ET Now on Unitech.

How do you view Unitech? Do you think the news is going to spell a little bit of weakness on the technical side for the stock?

Well absolutely right. At this point of time, it is likely to test 65 to 66 in the very short term and maybe it can go down all the way closer to 60 also but as of now, I would not advocate a fresh buy.

Definitely a short at current levels is advisable for Rs 4 to Rs 5 which one can make as a trader. Investors keep away from the stocks of real estate even now because what we are witnessing now is just a technical pullback and the way they have beaten black-and-blue almost all the leaders of the sector, technically there is still a lot of work to be done on the charts, lot of consolidation before we could really see the next leg move up with Unitech, DLF or HDIL.