Hold Mahindra Gesco with stoploss of Rs 580

Rahul Mohindar of Viratechindia is of the view that one can hold Mahindra Gesco with stoploss of Rs 580.

Mohindar told CNBC-TV18, "We are seeing fairly good consolidation in Mahindra Gesco and to be specific this has been one those stocks which collected pretty hugely from the highs made earlier on. Now what we are expecting is the up move should latch on to Rs 580, is a big support for this. So I won’t like to exit at the loss, I would give the trade a chance with an Rs 580 stoploss."

He further added, "The big resistance that comes in on the longer term is Rs 705, but again I won’t go away from the fact that we see some signs of consolidation and I won’t hesitate holding on to it. Although in the same space we like Unitech for a target of Rs 620 and longer term Rs 650. Given a choice you could do a switch or hold on with the Rs 580 stoploss."