Business Daily from THE HINDU group of publications
Sunday, Jul 13, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Sunday, Jul 13, 2008 ePaper | Mobile/PDA Version | Audio |
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Investment World
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Technical Analysis Markets - Stocks 
Reliance Infrastructure moved higher past our short-term target at Rs 850, but the trading was extremely volatile last week. The sharp reversal on Friday can pull the stock lower towards Rs 740 or Rs 660 in the near-term. Short-term traders can play short with a stop at Rs 880. Key resistance level for the near term stays in the zone between Rs 950 and Rs 1000. A close beyond this zone is needed to negate the bearish short-term outlook. As we have been reiterating, the zone around Rs 660 is a very strong support for the medium as well as the long-term. Reliance Infrastructure can fluctuate in the band between Rs 650 and Rs 1,000 for a few weeks before moving higher. However, if this level is penetrated, next halt would be in the zone between Rs 550 and Rs 580. — Lokeshwarri S. K.
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