Technical analyst Pankaj Jain of Satguru Capital is of the view that investors can sell Nitesh Estates stock in today's session to achieve a target of Rs 46.

According to Mr. Jain, the investors can sell the stock with a stoploss of Rs 53.

He also said that if the stock fell below Rs 42, it may see more weakness.

Today (May 14), the stock opened at Rs 50.20 on the Bombay Stock Exchange (BSE).

Nitesh Estates, which listed its shares on the stock markets on May 13, projects 12-monthly income of about 5k crore by the end of 2015.

At present, the company has around 20 projects with a total size of 19 mln sq feet.

It also aims to broaden its functioning to development of malls and will swell to Chennai, Goa and Hyderabad.

Nitesh Estates listed more than 14.58 crore scrips on the BSE and the NSE in order to lift around Rs 405 crore.

Initially, the company will focus on office buildings, residential, hotels and retail projects in the South Indian market.

During the existing financial year, Nitesh Estates eyes to hit an income of Rs 200 crore.