Buy Reliance in the 960-940 range: Sandeep Wagle
The way the stock is trading today, it is suggests 900 can be tested.
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| Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, www.aptartindia.com
Your views on Reliance?
Sandeep Wagle: Talking of the pattern, we have been discussing Reliance over the past few weeks or possibly a few months and it has broken a very strong support at somewhere around 990-1000 but personally I always felt that that was without volumes and if you purely talk of the pattern, it may even go down to 840-850 or somewhere between 840 and 860 but since that breakdown did not come with volumes, I felt that 950 would not be broken. I have been wrong on that count and the way it is trading today, it is suggesting that 900 can be tested and I have recommended that as an investment buy in the range of 960-950-940 and I am still maintaining my view on that, possibly another 2-3-4% downside cannot be ruled out.
Your views on Reliance?
Sandeep Wagle: Talking of the pattern, we have been discussing Reliance over the past few weeks or possibly a few months and it has broken a very strong support at somewhere around 990-1000 but personally I always felt that that was without volumes and if you purely talk of the pattern, it may even go down to 840-850 or somewhere between 840 and 860 but since that breakdown did not come with volumes, I felt that 950 would not be broken. I have been wrong on that count and the way it is trading today, it is suggesting that 900 can be tested and I have recommended that as an investment buy in the range of 960-950-940 and I am still maintaining my view on that, possibly another 2-3-4% downside cannot be ruled out.
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