Sell CESC; target Rs 535: Pritesh Mehta

Pritesh Mehta of IIFL told CNBC-TV18, "CESC has flattered to deceive us a lot on multiple occasions. In fact in last eight weeks this stock was stuck in a trading range between Rs 620 on the upside and Rs 570 on the downside. On several occasions it came close to a break on the upside but failed to do so. In fact this base building pattern eventually came to an end after it registered closed below Rs 570. So, I believe that whenever a positive pattern, a positive chart formation is violated, the repercussions, the implications, the downside turns out be extremely negative. So, this could turn out to be a extreme sell counter. We have a target of Rs 535 and below that Rs 520."

Disclosure: Analyst doesn't hold the above stock but may have recommended trading ideas to his clients.

At 14:37 hrs CESC was quoting at Rs 544, down Rs 29.25, or 5.10 percent.