Equity Alert: Reliance Power down; support seen at 154 rupees
MUMBAI--3:20PM--Reliance Power was down 0.8% at 159 rupees as
announcements at the company's annual general meeting earlier today
were
expected, said dealers.
Chairman Anil Ambani said the company was in talks with foreign
firms for
hydrogen fuel and nuclear power technology.
Reliance Power will also aim at increasing its solar and wind
power
portfolio and is planning a 100MW solar power plant.
"The company has made a lot of promises of increasing its huge
capacity
and it is indeed working towards achieving those ends. The stock is
trading
in line with the company's performance," said a dealer with a domestic
brokerage house.
Thus far today, 6.9 mln Reliance Power shares have been traded on
NSE.
September futures are trading at par to spot price with a 12% fall in
open
interest.
Support for Reliance Power is seen at 157 rupees and then at 154
rupees
with resistance seen at 168 rupees and 172 rupees, said Kiran Suvarna,
technical analyst, Finquest Securities.
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