Finolex looks good to initiate a fresh buy: Jitendra Mehta, Edelweiss

Jitendra Mehta, technical analyst, Edelweiss, in a chat with ET Now talks about Finolex Industries and Godavari Power & Ispat.

Have you looked at the charts of Finolex Industries, Godavari Power & Ispat and Diamond Cables? They have shown some traction over the last two weeks?

I have been tracking these stocks, at least some of them. Finolex for sure is one stock, which I have been tracking. There is a strong advance today around 7% up. I am expecting it to move towards 84-85 levels there.

Even on Godavari Power, that has been one uptrending stock in this entire rally and we have just seen it take levels one by one and has been advancing. So far it has just been pretty much in up move and I do not see a substantial change in the trend in the near term. The stock may see a 325-330 kind of upside here.

At the current levels - Godavari at 307 and Finolex at 74. Would you initiate a fresh buy on these?

Finolex, yes. Finolex looks good to initiate a fresh buy. That stock has just shown sign of some strength here. Finolex possibly would be one stock to look at here.