Below is quote on S&P BSE Realty index up by 2.63%, after correction of 10% in last three days by Mr. Yash Gupta, Equity Research Analyst, Angel One Ltd
After broader correction in last 3 days, market seeing some fresh buying interest. We have seen a sharp correction in midcaps and small caps while bank nifty has shown strength. S&P BSE Realty index up by 50% within last 3 months and after a small correcting of 10% again S&P BSE Realty index showing the strength. Stock like Godrej Property up by 2.7%, Oberoi Realty up by 3.8%, Sobha developers up by 2%, etc. All the real estate stock showing good strength and good buying opportunity at this level, we expect the S&P BSE Realty index to reclaim its 52-week highs in near terms. We have a buy call on Sobha developers with a target price of 870.
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