Power Grid Corporation may slip to Rs 122: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "Power Grid Corporation of India is the classic case of false breakout, the stock corrected in the month of April thereafter in the month of May it went through a phase of consolidation. This consolidation eventually took shape of a bullish head and shoulder pattern.

""In last week’s trade it attended a breakout from this pattern but it failed to sustain at higher levels, so this stock came rushing down. It is down by 3 percent in today’s trade and I think it is going beat on downside. We can see levels of Rs 122 that is a short-term target for this counter," he added.

Power Grid Corporation of India ended at Rs 141.30, down Rs 4, or 2.75 percent on the BSE.