RPL has support at Rs 160-162: Mathew

Technical Analyst, E Mathew is of the view that Reliance Petroleum, RPL has strong support at Rs 160-162.

Mathew told CNBC-TV18, "RPL is been at the forefront of the speculative activity also though a lot of people are quite bullish on this. If one is a pure chart player, the upside for the stock now beyond Rs 200-205 looks tough because if one sees what has happened in the past, I think a lot of people have been trapped around Rs 200-205 zone, at best one could look for that. I would be more comfortable in looking at RPL at the lower levels where the strong support is there between Rs 160-162. Whenever the market turns weak this stock could turnout to be an outperformer that is clearly available in the charts.”

Disclosure: Analyst, his associate company/his clients may have trading positions in the above stock.