Sunteck Realty corrected 30 percent from the recent peak seen in January 2021, though it bounced close to 15 percent in the last 20 days.
As far as the company’s operational performance is concerned, there was nothing negative. The pre-sales were high, the collections were higher. In fact, Sunteck Realty had its highest collections in the fourth quarter, as well as in the last fiscal year.
The delivery data is interesting because around 10 sessions ago, the delivery that was seen in three sessions was close to 20 lakh shares. It appeared that there was some selling exhaustion that got absorbed at those levels, because from there, the stock has rebounded to Rs 300, from Rs 270-280 mark.
On technical levels, it bounced from 20 day moving average (DMA) as well as 50 DMA and now if it can pass the 100 DMA, it will be interesting to see whether or not the stock has momentum, otherwise it has been an underperformer.
Watch the accompanying video of CNBC-TV18’s Nigel D’souza for more details.