Adani Power has target of Rs 69-70, says Sudarshan Sukhani

Adani Power has target of Rs 69-70, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "It is actually a toss between should you sell this strength or should you buy this? So may be we should buy it probably because it is giving the sense that it is basing out and then we have an up trending market broadly. But Shree Renuka Sugars is hardly a stock that we want to go and buy now. Let it breakout, Rs 34-35 levels that would be much better buying in strength. So as of now it is a buy but it is best to watch it and see if it has enough momentum to take it upward."

He further added, “Adani Power is something we want to buy into. Power has been doing well and it is a minor sector but we have been tracking it and saying we should be long in it; not only Adani Power, earlier Tata Power also.”

“Adani Power is a good buying opportunity, again something that intraday traders could consider. Don’t worry about the small price range. Ideally you want to trade in stocks that have larger value because the movements are larger. But here also it’s a volatile stock, so it is worth taking a position in it and worth taking intraday swing trades. An immediate target for Adani Power could be Rs 69-70."