Atul Badkar, VP - Institutional Equities - Derivatives Desk at Edelweiss Securities told CNBC-TV18, "The recommendation on Rural Electrification Corporation (REC) is more on a technical level rather than anything else - changing fundamentally or on open interest. We saw both Power Finance Corporation and REC being beaten down quite badly the day before yesterday and it is kind of consolidated."
He further added, "On the charts, Rs 196-192 level is holding quite well. It looks like we are poised to move towards Rs 212 level. So this is purely on charts and it is a very short-term trading call, one needs to have stops in place. I would play a long with a stoploss of Rs 190."
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