Siddarth Bhamre of Angel Broking told CNBC-TV18, "Lot of news is coming out related to power space and we have seen how power related companies like Rural Electrification Corporation (REC) and Power Finance Corporation (PFC) have been doing well. We like some of the power stocks, some of the midcap names or semi large cap names like Adani Power and Reliance Power are also looking good. But because of volatility we want to be in some quality names."
"Tata Power Company in the last two trading sessions has shown bounce back from Rs 83 levels to Rs 85-86 and we have seen some formation of long positions. Even on technical oscillator front we are seeing positive momentum to continue. The stock has strong resistance around Rs 89. We are anticipating breach of that resistance and the stock going towards Rs 95. So at current levels of around Rs 86-87, one can go long with a stoploss of Rs 84 with a target of Rs 95," he said.
Disclosure: Analyst has recommended long positions to his clients in the stock.
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