Rahul Mohindar, Director of viratechindia.com told CNBC-TV18, "Adani Power has been quite a challenging stock to trade in clearly when we look at the last two or three years of performance just pricewise hasn’t been very promising, hard to call bottoms here. However, what I am reading is we could be near a point where you can get a sizably good rally. Now whether that’s going to be a corrective rally or a breakout rally it remains to be seen, but again bottom-line what I am talking pricewise is Rs 51 is a next clear resistance and I feel that one could buy in now, Rs 45 being a stop loss."
He further added, "If Adani Power really gets above Rs 51, I think it would be very quick to achieve 20-25 percent kind of an upmove in a short span of two or three months. So it is a bit of an aggressive play. But one can take chances here. Clearly risk to reward kind of justifies it. We have seen a consolidation formation over the last couple of days. So, I think worth getting into it with Rs 45 stop."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
