Buy RComm, Reliance Industries; avoid RNRL: Angel Broking
If you started with RNRL specifically then yesterday's trade can be said as probably a one day wonder.
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| Shardul Kulkarni, Sr. Technical Analyst, Angel Broking
Should I buy today for RNRL, RComm, Reliance Capital, RIL?
If you started with RNRL specifically then yesterday's trade can be said as probably a one day wonder. The stock has given you a strong move of about 20% in a single trading session but I would say that it is not the time to buy into this particular stock. On the upside immediately it faces resistance at around 65 levels which is just above the yesterday's high of around 62. So presently, it is not the time to go and buy into RNRL.
In case of RComm, you can probably buy RComm. The significant pattern which RComm shows is that on the futures charts and on the daily charts for cash markets you are seeing a very strong reversal pattern called as the island reversal with very strong volumes. So in RComm yes you can buy RComm, the stop loss for RComm on the lower side will be at around Rs.135 and the upside target can probably be Rs.165 you need to look out for the risk reward ratio in that. Reliance Industries, yes buy on Reliance Industries, the stop loss or probably buying range can be said as between Rs.980 to Rs.1010. Stop loss on the lower side is Rs.960.
Should I buy today for RNRL, RComm, Reliance Capital, RIL?
If you started with RNRL specifically then yesterday's trade can be said as probably a one day wonder. The stock has given you a strong move of about 20% in a single trading session but I would say that it is not the time to buy into this particular stock. On the upside immediately it faces resistance at around 65 levels which is just above the yesterday's high of around 62. So presently, it is not the time to go and buy into RNRL.
In case of RComm, you can probably buy RComm. The significant pattern which RComm shows is that on the futures charts and on the daily charts for cash markets you are seeing a very strong reversal pattern called as the island reversal with very strong volumes. So in RComm yes you can buy RComm, the stop loss for RComm on the lower side will be at around Rs.135 and the upside target can probably be Rs.165 you need to look out for the risk reward ratio in that. Reliance Industries, yes buy on Reliance Industries, the stop loss or probably buying range can be said as between Rs.980 to Rs.1010. Stop loss on the lower side is Rs.960.
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