HDIL, IVRCL likely to outperform: Harchekar

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HDIL, IVRCL likely to outperform: Harchekar


HDIL and IVRCL are likely to outperform the market, says Amit Harchekar, Sr Technical Analyst, India Infoline.


HDIL and IVRCL are likely to outperform the market, says Amit Harchekar, Sr Technical Analyst, India Infoline.

Harchekar told CNBC-TV18, “If you look into some of the counters like HDIL, they have been holding firmly above their support levels of Rs 97 or when you look at some of the infrastructure stocks like IVRCL, they have been sustaining levels of Rs 36. So I believe these stocks are likely to outperform the market because if you look into the broader trend that has been positive side. These corrections can be construed only as a short term correction.”

He further added, “Generally if the up move is solid strong you see retracement close to 23% but since that retracement support for the Nifty which was trading at 5300 that has got violated. We should see this retracement extended to 38%-40%. So I believe you will see midcap outperforming the market but I believe once we see Nifty coming down to that 5200 levels the entry point would be quite comfortable.”

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