Power Grid has resistance at Rs 90-95: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that Power Grid has resistance at Rs 90-95.

Bhambwani told CNBC-TV18, "In Power Grid the worst is over at Rs 55 levels, which you saw recently and on the upsides, the first meaningful resistance will come at the Rs 90-95 band. Should you actually see a crossover with huge volumes above the Rs 95 levels with enhanced commitment from traders by way of expanded open interest will actually tell me that the stock intense to go more higher. In 2-2.5 years the stock has the potential to kind of double or a rally even more from the current levels provided the market situation is significantly better from here of which there is a fair bit of probability it will be. I think averaging at lower levels is also not a bad idea as a matter of fact if your budget permits please do average, start from the current levels, leave some more room for downward averaging and give it a shot wait for 2-2.5 years, you will be much better off from hereon."

Source: Moneycontrol