Reliance Communications may move up to 225: Siddh Capital

Vinith Jain, Director, Siddh Capital in an interview with ET Now talks about Reliance Communications and Reliance Industries.

The last move that Reliance Communications has seen, in particular, would you say there is more legs to the rally on the stock?

Yes, the stock has been pretty bullish in the last couple of weeks. What we see here is it has done its short-term target of 190-195 and there is very little on the table for the short-term traders to take here now but the medium-term traders can hold onto the stock. The stock still seems to have a potential to move up to 225 and there could be buyers around 175-180. Traders can hold on to the stock with a stop loss below 164.

What’s your assessment of RIL?

The stock has moved up from the strong trend line near 995-1000. The stock has reached its target of 1080, almost reached there and may be I see strong resistance at 1095. We could retest the trend line, which is currently at 1000, so one should be a seller here, may be on the resistance at 1085-1095 and possibly a retest up to 1010 is very much likely.