Reliance Infra is breaking down : Ashwani Gujral, Market Strategist
Reliance Infra probably will go towards its 2008 lows.
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| Ashwani Gujral, Chief Market Strategist, ashwanigujral.com, in a chat with ET Now talks about Suzlon and Reliance Infra.
What is your take on Suzlon and Reliance Infra?
Suzlon seems to be giving people hope that it is bottoming out. I would confirm that only above levels of 60. It is really trading between 46 and 60. Each time it goes down, there are some rumours that pull it up.
Reliance Infra is clearly now breaking down and probably will go towards its 2008 lows. 683 is now a strong support and if that does not hold then probably you go lower towards 590. Basically stocks which are heading towards their 2008 lows need to be really avoided.
Do not try to average, do not try to think you are buying something cheap just avoid them till they form basis and start coming out of those basis because the bad news keeps coming for weak stocks. So try to be away from them.
What is your take on Suzlon and Reliance Infra?
Suzlon seems to be giving people hope that it is bottoming out. I would confirm that only above levels of 60. It is really trading between 46 and 60. Each time it goes down, there are some rumours that pull it up.
Reliance Infra is clearly now breaking down and probably will go towards its 2008 lows. 683 is now a strong support and if that does not hold then probably you go lower towards 590. Basically stocks which are heading towards their 2008 lows need to be really avoided.
Do not try to average, do not try to think you are buying something cheap just avoid them till they form basis and start coming out of those basis because the bad news keeps coming for weak stocks. So try to be away from them.
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