Reliance Infra has target of Rs 1912: Mathew

Technical Analyst, E Mathew is of the view that one can Reliance Infrastructure has immediate target of Rs 1912. One can buy this on declines, he added.

Mathew told CNBC-TV18, "Reliance Infrastructure was got absolutely ravaged in the last fall and these stocks whether it’s a Reliance Energy or DLF, these are the ones which would now perform. Reliance Energy is certainly now looking very nice rounding bottom pattern which has been formed, the immediate target for this stock could be at least around about Rs 1912, if one is taking a position trade but if one is looking at a very short term target, Rs 1660 is very much possible beyond that, if it sustains, we could certainly look at the other figure which I had talked about. All in all a good trading bet and what is significant here is the stop loss is also well placed at around Rs 1495 to Rs 1510, which isn’t too far from the current level, so certainly a buy on declines."