Adani Power shows downtrend: CK Narayan, Sharyans Resources

CK Narayan, President Treasury, Sharyans Resources in an interview with ET Now, gives his views on Adani Power

Adani Power, at Rs 113, is there a possibility of some bit of an upside move there that could probably increase shareholder value by another 10-15%?

I think 10-15% may be a bit of a fight, the stock has been somewhat disappointing in terms of what it has done for those who are bullish on it. Over the last three months, we should mention the stock has actually shown lower top, lower bottoms, which indicates a downtrend in progress. If you reduce the timeframe down to the last about a month or so, there seems to be an attempt to build an upside rally. This upside rally will probably see a shot in the arm if prices were to go beyond something like Rs 118- Rs 120, so that is what one should really await and if subsequently it is able to sustain above these levels, then you could see some amount of build up, give you about Rs 8-Rs 10 odd on top of that but I do not really think there is far too much going for the stock right now, so trading view at best from a medium term point of view, we should hold off for a while.