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I will not recommend getting into Indiabullls power. If you are really looking for power stocks there are better options
a) Tata power : existing plants generating good cash, lots of expansion coming online and long experience in power business.
b) CESC : similar to tata power but focused mainly in kolkata.
c) Reliance Energy
The main reason I don't like Indiabulls power is due to lack of experience in power business. No capacity in place at present and bulk of debt.
Pipav shipyard is a reasonable bet. stock is trading at high valuation for current year but it has good order book. Next 6 month will show more about Pipavav , still it's a low risk and high potential stock.
Look at chart below for Pipavav , it has good support in Rs 50 range but if it falls below that range I will waint for better opportunity.