Stock market expert  has maintained ‘Buy’ rating on Unitech stock to achieve an intraday target of Rs 36.50.

According to him, day traders can buy the stock around Rs 34 with a stop loss of Rs 33.50.

Shares of the company, on Monday (March 30), closed at Rs 33.70 on the Bombay Stock Exchange (BSE). Current EPS & P/E ratio stood at 5.62 and 6.25 respectively. The share price has seen a 52-week high of Rs 338 and a low of Rs 21.80 on BSE.

Unitech, on March 20, said that it is planning to launch mid-segment residential projects in the range of Rs 5-10 lakh in metropolitans and suburban cities including Gurgaon, Chennai and Kolkata by the next few months.

It also said that they are astounded at the success of their recently announced projects and have actualized that in today’s market, a venture within the accurate price range will sell.

The company is charting a plan to come up with such inexpensive apartments.

On March 18, Telenor renegotiated its transaction with Unitech Wireless to get hold of a higher shareholding of 67.25% as compared to the early contract for 60%, but at the original price of Rs 61.20 billion, effectively valuing the agreement 11% cheaper.

During the last month, Unitech sold its 200-room budget hotel Courtyard by Marriott in Gurgaon to Delhi-based Roop Madan, for around Rs 2.30 billion.

Unitech has also withdrawn its offer to bring up Rs 50 billion through issues in overseas markets. Earlier, the company had applied to the foreign investment promotion board (FIPB) seeking some exemption to bring in more foreign investment in the holding company.

Other stocks from the same sector that looks good for short-term as well as long-term trading includes Omaxe, DLF and Parsvnath.