Hold back a bit on power: Deepak Mohoni

Deepak Mohoni, Director, trendwatchindia.com in a chat with ET Now gives his outlook on the power sector stocks.

From the power space if you can highlight a few stocks, Torrent Power in the recent past has been doing fairly well for itself and on the back of news, we have seen a lot of movers, PowerGrid, Power Finance Corp, all these counters have been seeing a fair bit of momentum. On the charts, any of these counters that you particularly track?

Yesterday’s move masks what may be the underlying strength or weakness on stocks because they are short up out of the blue after the trillion dollar deal in Europe. Given that, you really need to give all sectors a day or two to readjust to the jumps we are seeing in the market but it must be pointed out that before this, power was not doing very much and Reliance Power in particular was fairly weak.

So I would still hold back a little bit on power. I would not say that it is going to be a runaway mover. Maybe give it a day or two if there is sustained momentum something may emerge from there but otherwise, power has been a little bit of a backseat sector.