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Reliance Infra


Reliance Infrastructure reversed lower just under our near-term resistance at Rs 1,052 last week.

Our medium-term view for this stock stays positive.

As we have been reiterating, the fact that it is holding above Rs 950 implies that a move higher to Rs 1,200 or Rs 1,380 is possible over the medium-term.

This positive view will be negated only on a close below Rs 890. The stock will face strong resistance from Rs 1,050-zone in the near-term. If this level is surpassed, the next target would be Rs 1,122.

Supports for the week ahead would be at Rs 925 and then Rs 890. Short-term traders can hold their long positions with a stop at Rs 920.

— Lokeshwarri S. K.

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