Sell Reliance Comm, tgt Rs 445:India Infoline

India Infoline has maintained sell rating on Reliance Communication with target price of Rs 445, in its June 25,2008 report. "On the daily charts, the stock has given a close near to its previous 52-week low of Rs466, indicating weakness in the near term. The stock is also exhibiting a bearish trend on the weekly charts, where it has broken below the neckline of Head & Shoulders pattern of Rs480. The stock has formed a typical Head & Shoulders pattern after rallying from Rs480 to Rs845 in last one year. This pattern is considered bearish in nature and any move below Rs465 levels could spark a move towards the levels of Rs400. Other momentum indicators like RSI and Parabolic SAR have generated a sell signal. Based on above mentioned observations, we recommend traders to go short for an initial target price of Rs445" according to Inida Infoline report.  

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