SP Tulsian of sptulsian.com feels Reliance Capital is largely a value buy because of short covering and the value buying at the lower level.
Tulsian told CNBC-TV18, “There are purely intraweek ideas. I would not be recommending taking a longer view. We see good amount of volatility happening in Adani Enterprises, but one has to really see the pattern of trading also taking place in the stock. Adani Port, which is subsidiary of this company, got a relief from Supreme Court by having a stay on the Gujarat High Court judgement and that will be seen positive more for the Adani Enterprise being the holding company rather than Adani Port though the positive view can be taken on both.”
“Reliance Capital looks the best amongst the lot having bottomed out and huge shorts having built up in the counter. In fact, Reliance Communication has seen a good amount of recovery on Friday. But I have chosen Reliance Capital largely as value buy maybe because of short covering and the value buying at the lower level,” Tulsian added.
Reliance Capital rose 0.57 percent to close at Rs 399.65 on Bombay Stock Exchange on Friday.