Exit CESC, prefer Tata Power: Kunal Saraogi

Kunal Saraogi, CEO at Equityrush told CNBC-TV18, "In CESC I see very stiff resistance close to Rs 640, the chart structure also looks a bit bearish. So my sense is that the stock might gravitate to Rs 500 levels before it goes up. So my sense is the investors would do well to exit and probably look to buy into something like Tata Power, which has got a much better chart structure."

At 14:33 hrs CESC was quoting at Rs 601, up Rs 5.80, or 0.97 percent on the BSE.

The share touched its 52-week high Rs 828.10 and 52-week low Rs 453.45 on 16 September, 2014 and 05 May, 2014, respectively.

Disclosure: Analyst doesn’t hold the above stocks.