Thursday 6 November 2008

Reliance Ind has support at Rs 1000: Guppy

Daryl Guppy, Founder and Director of Guppytraders.com is of the view that Reliance Industries has support at Rs 1000.

Guppy told CNBC-TV18, "Reliance a bit like Tata Steel it is defined by an exceptionally strong downtrend. If we apply (GMMA) Guppy Multiple moving average analysis then it shows as the long term group remaining consistent sellers and this is why these rallies fail and every time when the rally developed there was no compression that developed in the long term group of moving averages on the GMMA indicator and that simply tells us that investors are sellers, they are not buyers and these are trading rallies. So with Reliance we got a down tide support at around Rs 1,000 levels at this stage and below that at Rs 800."

Source: Moneycontrol

Posted by Harsh at 08:06

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