Hold Adani Power, advises Sameet Chavan

Sameet Chavan of Angel Broking told CNBC-TV18, "Adani Power is at the higher end of the range which is Rs 58-60. Currently it is trading in a corrective phase hence time wise prediction cannot be done at current level, Rs 50 on the higher side is a strong resistance. Once the stock surpasses this level on closing basis then probably we could witness some bounce back in this stock. Otherwise it is likely to remain sideways."

"On the lower side Rs 45 has a strong support and it is trading around its lower end of the range. My advice would be to hold on to it," he added.

Disclosure: The stock may have been recommended to his clients and he does not have any personal interest into it.