RPL can slip to Rs 140-145: S Agarwal

Sanjeev Agarwal of Globe Capital Market is of the view that Reliance Petroleum, RPL can slip to Rs 140-145.

Agarwal told CNBC-TV18, "We like to generally go with the stocks which are actually insensitive to this political turmoil. They are clear beneficiaries in the terms of political favors. If you see ADAG has actually done well today whereas the JP associates, which is associated with the Mayawati government or the RIL pack is actually showing some weakness. I will try to steer away from these stocks and try to focus on the shares which have been strong. Somewhere like L&T, BHEL or even some of the shares, like I may like to hedge some positions in RPL which has gone down just below its very strong support of Rs 161, and they have broken a pattern call intra day something like a descending triangle. So I am seeking lower levels for RPL somewhere around Rs 140 to Rs 145. So maybe I tried to hedge RPL against the positive shares."