Hold Adani Power, advises Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, \\"One needs to hold onto Adani Power. In the first week of December this stock gave a huge breakout from a period of sideways consolidation. The stock was consolidating between Rs 37-32 for the last four months and then it gave a big breakout. It went to levels of Rs 42 which was its 200-day moving average and then reversed back.\\"

\\"I believe the stock is now declining from last couple of days and it is taking support at its previous breakout point. It is always a positive sign and I believe higher levels are coming. In the next three months we can see the stock attempting levels of Rs 49-50 also. So one needs to hold on,\\" he said.

Disclosure: He might have recommended the stock to his clients, but has no personal holdings.