Adani Power may test Rs 50-52: Ashu Madan

Adani Power may test Rs 50-52, says Ashu Madan, President - Core Client Group, Religare Securities.
 
Madan told CNBC-TV18, “The only caveat in Adani Power is that Rs 37-40 is a band where it has taken support couple of times, which is its all-time low. So, it is just above those Rs 45-46 level. Even if it would not have been challenged for couple of days or maybe nobody challenges the best would be another maybe 10 percent, which is Rs 50-52 kinds, that is the maximum upside, which is currently looking at the stock.”
 
He further added, “It is a basic call whether one wants to get out at Rs 46 or wait at Rs 50, but there is an opportunity cost. So, I don’t think so Rs 61 level would be immediately available even in next few months. So ideally, one should get out of the stock and get into some other stocks where there is a potential and possibility to make good these losses.”