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Bearish bets on DLF futures rise as traders see another 10 Percentage fall in stock

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Traders are mounting their bearish bets on DLFBSE 1.02 % stock futures on Wednesday as the controversy over the real estate major's dealings with Robert Vadra, a businessman and son-in-law of Congress party president Sonia Gandhi, grew murkier. This is because analysts are expecting the stock, which has declined over 20% in the past 10 days, to decline another 10% or up to Rs 180 in the near term.
DLF shares on BSE fell 3.4% to Rs 201 on Tuesday, the lowest close in over a monh after the transfer of a bureaucrat, who had launched a probe into the land dealings, raised suspicions over the land deals between the company and Vadra.
DLF stock futures in the October series ended 3.4% down at Rs 201.55 on NSE, while open interest climbed 4% to Rs 2.36 crore units. Open interest, which is the number of total open positions in the contract, has increased by 11% in the past three sessions. The futures price has fallen by 7%, while the premium of the futures over the spot has contracted to 0.45 points from 1 point earlier, indicating large buildup of short positions.
"Traders seem to have lost hope in DLF's stock price over the near term. Since September, DLF had risen from 200 levels to a high of Rs 245 on October 5... however, all these gains have been erased and there could be further downside," said Amit Gupta, head - derivatives at ICICIBSE -0.04 % direct.
Activist Arvind Kejriwal had claimed that DLF received favourable land deals from the Congress-led government in Haryana and sold flats in its schemes to Vadra at throwaway prices as an alleged quid pro quo. DLF has denied the allegations.
Open interest in DLF put options at strike prices Rs 180-200 nearly doubled in Wednesday's session as a majority of traders expected the stock to test new lows in the next few sessions.
Analysts said that as the overhang from the corruption allegation continues to afflict the stock, the lack of strong buying could keep DLF weak over the next few sessions. The 220 price level was a crucial support level on the charts, which the stock has breached.
"After the 220 level was broken, we feel that the stock can take support only at 180-190 levels. Strong buying in the stock could emerge when the stock comes down to these levels," said Shubham Agarwal, AVP and senior technical equities analyst at Motilal Oswal Securities.
Source: Economic Times

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