Reliance has support around Rs 1870-1900: E Mathew
Published on Thursday, September 25th, 2008 at 4:07 PMAuthor: admin (5507 Articles)
Technical Analyst, E Mathew is of the viewt that Reliance Industries has got extremely good support around Rs 1870-1900.
“Reliance should be the savior of the Nifty in the future also in the sense that Reliance has got extremely good support around Rs 1,870-1,900 zone and especially after the latest announcements etc surely on a panic sell off sub Rs 2,000 specially if there is a total panic sell off, a lot of contrarian buying too would emerge somewhere around the Rs 1,900 zone.”
He further added, “On the upside, the stock has to give leadership and the way it could give leadership is a decisive break out above that Rs 2,120-2,150 zone above which I think a lot of people who are chart watchers would possibly jump on to the bandwagon.”
Disclosure: It is safe to assume that analyst & his clients may have an investment interest in the stocks/sectors discussed.
Source : MoneyControl
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