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Reliance Communications

Saturday, December 13, 2008 10:30 am
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A Company of CNX100/CNX 500/NIFTY
ISIN CODE – INE330H01018

Segment – EQ
Paid up value – 5
Face value – 5
Market lot – 1
Market cap – 49361.20 cr

10 Day Average Volume – 11078638

52 week High/Low 844.70/147.30

Current Price – 228.85

Current Trend: Positive Bias

Taking Support at 200,180

Taking Resistance at 250,274

Stop Loss – 216

Target – 265-275

Technical Report:

RCOM looks good as it shows positive three- step reversal; more recovery is expected in the stock.

All important indicators show this stock at over sold levels.
RSI is in oversold conditions. MACD is giving buying signals so short covering is expected in this counter. According to double moving average the shorter moving average has crossed the longer one, which also indicates fresh buying in it.

Our recommendation is to go long in RCOM. Buy around 230-235 levels with stop loss at 216 and target at 265.

Our recommendation is for 10 to 15 trading days.

rcom-16-12-2008

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