Expect upside in power stocks: Mohindar

Excerpts from Closing Bell on CNBC-TV18 Watch the full show » RELATED NEWS Stay away from Rel Power and R Com: Mohindar Kalpataru Power Transmission an outperformer: Karvy Gujarat Ind Power advances 4.2% Nifty BSE | NSE 13/02/12 Are Mutual Funds betting on Nifty?

Rahul Mohindar of Viratechindia is of the view that one can see some upside in power stocks.

Mohindar told CNBC-TV18, "If there is one space which could breakout it's going to be sugar. I think the charts clearly show 10% should virtually be a cakewalk if I may put it that way. So Balrampur Chini , Bajaj Hindusthan , Shree Renuka Sugars , I think across the board we are seeing similar formations both in terms of price and volume that we seem to be breaking out at least short to medium-term. So there is some definite strength which could come in and even if the market were to go down sugar has this knack that it could play its own trend out. So that's a sector I would focus on to.

He further added, "Another area which is worth watching at could be some of the power stocks; there too we could see some upside even technology should stay relatively stable. So these would be three areas where I would like to look at the positive side if the market starts breaking out on the upside but 14,400 to sum it up is very important support. If we break that support on a closing basis especially, I wouldn't be surprise if we see a 1,000-1,500 point fall coming in."