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Aug 07, 2013 06:45 PM IST | Source: CNBC-TV18

Exit Tata Power Company, says Shardul Kulkarni

According to Shardul Kulkarni of Angel Broking, one may exit Tata Power Company. “The stock may come down to Rs 70,” he adds.

Shardul Kulkarni of Angel Broking told CNBC-TV18, "Tata Power is showing good 8 percent upmove, but if one sees on the weekly as well as daily chart this is moving towards its resistance level. That resistance comes in exactly at this particular price of Rs 78 to Rs 79."

He further added, "If I had any positions building yesterday's trading sessions, I would sell the positions and move out because the weekly chart has been damaged significantly. I would say that considering the volume action in the last trading session as well as this particular upmove which is basically a pullback, I would say it is best to move out of Tata Power. I see lower levels of around Rs 70 being tested again."

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