Equity Alert: Reliance Ind down; may fall to 1,920 rupees near term
..............................................................................
Equity Alert: Reliance Ind down; may fall to 1,920 rupees near term
MUMBAI--3PM--Reliance Industries was down 1.5% to 2,009 rupees,
and is likely to continue witnessing selling pressure in coming
sessions.
"In the short term, the stock looks overstretched, and is both
overbought
and in sell mode. Therefore, it should correct till 1,920 (rupee)
levels,"
Ashish Shroff, technical analyst, Ambit Capital, said.
The stock is likely to face resistance at 2,060 rupees, Shroff
said.
Disappointment over the delay in production of gas from the
Krishna
Godavari D6 block is also likely to keep the stock weak in the near
term, but technical analysts recommend buying from a medium-term view.
"From a medium-term perspective, one should enter (the counter) on
any decline, with a stop loss of 1,765 rupees, and an upside target of
2,380-2,450," Shroff said.
Thus far 4.5 mln shares have been traded on NSE. September futures
of the stock were at 8-rupee premium to the spot, with over 9% drop in
open interest.
------------------------------------------------------------------------------
--~--~---------~--~----~------------~-------~--~----~
You received this message because you are subscribed to the Google Groups
"Kences1" group.
To post to this group, send email to [email protected]
To unsubscribe from this group, send email to [EMAIL PROTECTED]
For more options, visit this group at
http://groups.google.com/group/kences1?hl=en
-~----------~----~----~----~------~----~------~--~---
