Hold Power Grid: Madan

Ashu Madan, National Head of Religare is of the view that one can hold Power Grid Corporation of India.

Madan told CNBC-TV18, "Power Grid is one of the better long-term plays. The reason why they were under pressure was because post its NSG thing and the way they were overbought in the post January fall we could rely that it was also one of the sector’s power. So somewhere the averaging out would not be a bad option because if you have to be in the market, you have to identify something to hold on and somebody who has an appetite for a long-term play with two-years plus, I think Power Grid gels with that kind of a theme. So I would recommend to hold it at this price."

He further added, "Time wise, definitely take long because price wise, I feel that it would have corrected to a large extent where there could be a stabilisation and consolidation phase but once whenever the next rally happens with a timeframe in stride, I think that from current levels, we can see 70-100% jump from the current levels with a timeframe."

Source: Moneycontrol