Reliance Capital’s medium-term perspective negative: Somil Mehta, Sharekhan

Somil Mehta, Sr Technical Analyst, Sharekhan, in a chat with ET Now talks about Reliance Capital.

What is your take call on the Reliance Capital?

Reliance Capital has been consolidating in a very big range now and the breakout levels on the higher side would be around 830-840. So till the time we do not break above 840, the medium-term perspective remains a little negative. But 740 and 750 would be a short-term correction which I am expecting because of a small bearish flag pattern forming on the daily charts.