Hold Jaiprakash Power: Nooresh Merani

Nooresh Merani of AMSEC told CNBC-TV18, "If you look at the stock of Jaiprakash Power as well as the whole Jaiprakash group as such, there has been a downtrend for a long time. Over the last one week we see that there has been a huge volume buildup in the stock from Jaiprakash Associates to Jaiprakash Power, Jaypee Infratech. This is a first indication of a short-term bottom being formed."

"Jaiprakash Power could be rallying upwards of closer to Rs 24-25 in the short to medium-term. So, at current levels it would be better to hold on to the stock and be a bit patient. Right now in this market, we are seeing a lot of midcaps, smallcaps recovering ground. So, at current levels I would consider to hold Jaiprakash Power," he added.