Adani Power may touch Rs 40: Kunal Bothra

Kunal Bothra, Head of Advisory at LKP told CNBC-TV18, "There is a fair amount of bullish signal happening on Adani Power from the ADX chart which indicates that the trend is about to begin. It is comfortably above the Bollinger bands averages which is around Rs 33-33.50 levels."

"Even after correcting probably from a day or two perspective, it could rally towards Rs 37-37.50. From a very short-term perspective, if one's timeframe is more than a month or so then Rs 40 plus should be the target and stoploss of Rs 33 on it," he said.

Disclosure: He has no personal holdings in the stock but at LKP he recommend the stock to his clients.