Buy Adani Power on dip: Kunal Saraogi

Kunal Saraogi of Equityrush recommends buying Adani Power on dips with a target of Rs 60 in the next three months.

Kunal Saraogi of Equityrush told CNBC-TV18, " Adani Power has run-up too much in too little time. So, there is a chance that you might see a dip. So, if you buy on a dip that would be a better thing to do, somewhere close to Rs 50 would be a good place to get into the stock. The overall trend remains positive and Rs 60 can happen in next three months period but you must try and look to buy this on a dip."

At 12:04 hrs Adani Power was quoting at Rs 53, up Rs 1.35, or 2.61 percent. It has touched an intraday high of Rs 53.55 and an intraday low of Rs 52.20.

The share touched its 52-week high Rs 62.40 and 52-week low Rs 29.45 on 21 May, 2013 and 05 August, 2013, respectively. Currently, it is trading 15.06 percent below its 52-week high and 79.97 percent above its 52-week low. Market capitalisation stands at Rs 15,221.19 crore.

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