'Don't buy RPower, it has overreacted'

ET Now caught up with Sandeep Wagle, Founder & MD, APTART Technical Advisory Services, to get his views on the outlook of Reliance Power, Reliance and GAIL.

What have you seen on the chart patterns for Reliance Power, Reliance and GAIL? Have they broken a two-year high? Is it an intermediate trend or a day trend here?

Reliance Power made a hammer on Friday's chart and that suggests that there is a likelihood of very strong bounce back, but then it opened up with the gap of almost Rs 5-6 which was a target and we were paying for around Rs 5-6. At this point of time, there is no point in buying Reliance Power because it is overreacted. Has this not happened, it would have still moved up to possibly Rs 145-146. The same is the case with Reliance. There is no point in discussing the R pack, either the Anil pack or the Mukesh pack, both have moved up. I would like to watch whether they would sustain at these levels or that slide continues.

GAIL is one stock which has not moved up. It is just about less than 0.5% up. I would buy it at this level possibly on a little bit of a decline. My target in GAIL is somewhere around Rs 470-472 playing for 4-5% upside and this stock has displayed a very strong momentum over the past 5-7 trading sessions and that is likely to continue.