Kunal Bothra of LKP told CNBC-TV18, "From a trading perspective, there is a very good chance that GVK Power & Infrastructure might give couple of percentage points more rally but I think from a longer-term perspective, I don’t think that trend has changed. The weekly or the monthly charts are still continuing to be on the downtrend. From the trading perspective the stock is trading above 50 days moving average (DMA), there is already a positive golden crossover which we call on the daily charts. That is also a positive trigger for GVK, but my sense is that trading could last probably Rs 2-3 more."
"The target for GVK Power is Rs 10.50-11 if the timeframe is more than a month or so. But not clearly a trend changer as such, but from a trading perspective, we could definitely gain some percentage points more," he said.
Disclosure: He has no personal holdings in the stock but at LKP he recommend the stock to his clients.
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