Buy Adani Ports: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "Adani Ports is a buy on declines kind of counter. It faced a correction at Rs 350 and thereafter it found support at 52 day moving average which also coincides with its 50 points retracement. In last couple of days we have seen the stock attempting a recovery. In today’s trade it has succeeded in doing so. So, buy it for a target of Rs 325."

At 15:02 hrs Adani Ports and Special Economic Zone was quoting at Rs 315.65, up Rs 15.45, or 5.15 percent. It has touched an intraday high of Rs 317.40 and an intraday low of Rs 299.95.

Disclosure: Analyst might have recommended the trading ideas to his clients but has no personal holdings.