Scenario for Rel Comm is range bound: Sanjeev Agarwal

Sanjeev Agarwal, Director, Dynamix Research and Capital Management in a conversation with ET Now talks about Rel Comm.

Rel Comm, what would you do with this one. It has bounced up a big 173 would you initiate any trade on this one?

RComm is actually giving some positive signals around 2009 bottom like it has been taking a very good support and particularly all the telecom companies are taking support and they are bouncing back. I think this telecom sector the big issue is that I don’t think there is a much downside from here they are going to perform better than the other stock which have been doing well till now and these stocks have been underperforming though I wouldn’t take a buy call immediately at these level because still it’s a range bound and you can see RComm going back to 140 but at a lower level definitely one can accumulate for a very long term even other stock something like Bharti and Idea.

Overall I feel this is a neutral stock and below 165 it will have some kind of a negative bias for the short term and right now I feel like one should hold it if somebody is holding it for a long term portfolio and for a short term traders one can keep a stop loss below 165 closing basis and can hold this stock for little more bounce but I feel overall the scenario seems to be a range bound for these stocks.