Chandan Taparia of Anand Rathi told CNBC-TV18, "All the power sector stocks may continue to perform in line with the positive sentiment of the Budget if something happens. Rural Electrification Corporation (REC) has been consolidating in the range of Rs 308 and Rs 350 zone from last two months. Every time it finds support near Rs 308 and turns back to Rs 350 levels. Recently, it has taken support near its support juncture and turning to higher levels. We are observing some support based buying and the delivery based volume, which is indicating that this stock can move towards Rs 350 and this time it can surpass Rs 350 zone as well."
"We are recommending to go long, keep the support stop loss of Rs 315 and trade for the upside target of Rs 350," he added.
Disclosure: Analyst has suggested the trading ideas to his clients. Market is likely to remain highly volatile so better trade in option strategy.
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