See upside in CESC, target Rs 635: Sameet Chavan

Sameet Chavan of Angel Broking told CNBC-TV18, "We have been upbeat on CESC since last two to four weeks. Earlier, we had recommended around Rs 575-578. The stock is in a good trend by maintaining its higher-top and higher-bottom formation. Three weeks back it gave a decisive breakout from its steep resistance zone of Rs 570-575 on a closing basis. However, it has been maintaining its position above this important resistance level. This is now acting as a strong support. So we believe that Rs 560-565 has a become a good base for CESC.""The level of Rs 600 was an important resistance level which was a near-term resistance level. The stock has managed to surpass this level. From the current level, further upside is clearly visible. We have an immediate target of Rs 635 on CESC and stop loss would be Rs 580," he added.