Reliance Communications (Rs 108.3): After the recent sharp run-up, the stock of Reliance Communications appears to be heading for a correction. It now finds support at Rs 95.8 and the next one at Rs 83. As long as it holds above Rs 83, the medium-term outlook remains positive. In that event, it can touch Rs 131 and even Rs 145.
F&O pointers: The RCom June futures witnessed a healthy rollover of 22 per cent. Option trading indicates a positive bias, as puts witnessed higher accumulation of open interest positions.
Follow-up: Traders could review their long strangle position on Reliance Industries after two weeks.
( Note: Feedback or queries (on positions) may be sent to > blfuturesoptions@gmail.com by Sunday noon. Replies will be published on Monday.)