NHPC: Avoid fresh buying; book profits, says Agarwal

Shubham Agarwal of Motilal Oswal Securities advice traders to avoid fresh buying in NHPC. One can book profits in the stock, says agarwal.

Agarwal told CNBC-TV18, "In the month of September we were recommended buy on NHPC with a target price of Rs 26 when it was quoting around Rs 19. So it was a good long-term base formation for which we were having that target, but it has almost achieved now. So we would not like to get into the scrip almost when it is reaching our target area and there is no point on the chart where we can look for a revision of the target on the higher side." He further added, "I expect a consolidation to happen in NHPC around Rs 24-26 mark and post-consolidation we will have a better idea of whether we should be looking for a revision in the target or not, but as of now one should not look to buy. People who are holding their positions can look to book profit in that." Disclosure: I do not have any personal holdings, but might have recommended stocks to clients.