Pritesh Mehta of IIFL told CNBC-TV18, "CESC broke below its 200-day moving average in the month of August and thereafter we went to see levels of Rs 270 and since then there has been a recovery. But we feel this recovery is now fizzling out. It is placed around Rs 305-310 which it has been holding on as a crucial support."
"Now we expect this support to turn into resistance. So around Rs 310 one can go ahead and sell the stock with stop loss of Rs 320 for a target of Rs 285," he said. Disclosure: No personal holdings in the stock discussed but may have recommended them to clients.
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