Mitesh Thacker of miteshthacker.com told CNBC-TV18, "I do believe something is happening in Adani Power. The stock has gained by about 20 percent this week and it has also managed to capture the 200-day average which was at about Rs 28.50-28.60 odd levels. The medium-term trend is reversing on the upside. While it might just kind of get some supply on the Rs 30.50 mark, it is heading eventually towards levels of Rs 35 plus."
"So, I would recommend to slowly accumulate this stock at the current level and on declines to about Rs 27.75 and keep a stop loss just below Rs 26.50 and Rs 35 would be a good positional target, which would be a 3-4 weeks kind of a period," he said.