Thursday, 20 November 2008

Reliance has target of Rs 875: N Pillai

Neppolian Pillai of Modern Shares & Stock Brokers is of the view that the next target for Reliance Industries is of Rs 875.

Pillai told CNBC-TV18, "The last support for Reliance is around Rs 1,140, it closed slightly below that yesterday. I think these were the kind of stocks, which are the largest of large-caps and could bring the collapse, Reliance was one of them. The next target is going to be close to about Rs 875. So if it is close to about Rs 1,085, you have another Rs 200 to collapse on that."

He further added, "At the level of about Rs 60, SAIL maybe looking like having bottomed out but I believe that the metal cycle to turn around and we are at least about one to one and a half years away from that. I think it is going to continuously drift down and the next target is going to be somewhere close to Rs 45 levels. So I am not really sanguine on both the stocks as of now."

Disclosure: It is safe to assume that analyst and his clients may have an investment interest in the above stock/sector.

Source: Moneycontrol

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