Thursday, 16 October 2008

Reliance has support at Rs 1326-1350: Bose

Technical Analyst, Rajat K Bose is of the view that Reliance Industries has major support between Rs 1326-1350.

Bose told CNBC-TV18, "I happened to have played on a long position while Reliance was recovering but now it�s again down below Rs 1,400, so chances are this recovery is short-lived and if it were to fall below Rs 1,360 once again in the spot market then it can once again move down. But I would say that since Rs 1,350 to about Rs 1,326 had been the major support area for Reliance, shorting here at current juncture may not be advisable."

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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