Exit Reliance Power: Gaurav Bissa

Gaurav Bissa of LKP Securities recommends exiting Reliance Power.

Gaurav Bissa of LKP Securities told CNBC-TV18, " Reliance Power is in a downtrend, it has been falling and breaching the crucial support levels in its path. In the longer term time frame you will not see the stock performing rather outperforming the indices and it would be expected that the stock more or less would be consolidating. It is in the medium term support of Rs 65-66 but if this level is breached then it can even fall further by 7-8 percent, even 10 percent and that cannot be ruled out."

"If one keeps the stock in the portfolio, it would be just a wait for a small amount of upside which would be again be followed by an equal amount of pressure at higher level. So it would be better to exit the stock," he added.

"There are other stocks which are giving a clear breakout, one of them is Power Finance Corporation  Limited (PFC). If this stock holds Rs 300, one can go long in the stock, it can test Rs 350-360 in the medium term. So some of the stocks that are giving good breakout, that would be an interesting buy."

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