Sunday 5 October 2008

Reliance Ind can slip to Rs 1725-1740: Bose

Technical Analyst, Rajat K Bose is of the view that Reliance Industries can touch Rs 1725-1740, but unless and until it is not breaking Rs 1,700 levels, it still retains the potential for a bounce back.

Bose told CNBC-TV18, "Reliance Industries is trading even below Rs 1,820, it is actually quite weak. If it falls below Rs 1,780 then you can see it going down much further to something like Rs 1,740 or even Rs 1,725 but unless and until you see Reliance breaking Rs 1,700 levels, it still retains the potential for a bounce back. What I have noticed these days is that Reliance is hardly participating on rallies and this is perhaps one of the reasons why we do not see any sustained movement, sustained upswing in the market because unless Reliance moves you won’t see any major sustainable uptrend in the Nifty."

Source: MoneyControl

Posted by Harsh at 21:04

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