DLF gets Rs 235 crore notice: Why investors must not panic after Noida Authority action

DLF Share Price: Shares of real estate company DLF fell on Tuesday on news of Noida Authority slapping a Rs 235 crore penalty on the company. The stock was trading at Rs 370.30, down by Rs 0.45 or 0.12 per cent around 10:15 am. While the company has denied receiving any notice, market expert Rakesh Bansal has told Zee Business that investors must not panic on the news.    

He said that the notice should not be a worry for investors as the company may not have to pay amount.   

DLF has been asked to pay the fine in a land dispute with the authority with respect to Mall of India in Noida.

Another expert Himanshu Gupta has suggested a buying strategy in this stock. DLF has shown a rebound from an important support level in the Monday trade, Gupta said.  

On a positional term basis, the stock has a strong support at levels between Rs 350 and Rs 360, he added.  

Buying can be initiated till the stock does not fall below this zone, he further said. He sees an upside of Rs 390 and Rs 400 in DLF shares.   

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The stock ended near its day highs of Rs 373 on Monday. Its 52-week high is at Rs 429, which this counter hit on 18 January 2022 while the 52-week low is at Rs 294.70, which the stock hit on 20 June, 2022.  

DLF shares have underperformed the Nifty50 by over 8 per cent, yielding returns of negative 2.3 per cent against 5 per cent returned by the latter according to data sourced from Trendlyne.  

Momentum indicators RSI and MFI are at 37.8 and 20 respectively. A number below 30 is considered oversold and above 70 is seen as overbought. 

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)