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Sep 14, 2011, 10.42 AM IST
IIFL is bullish on Reliance Capital and has recommended buy rating on the stock with a target of Rs 420 in its September 14, 2011 research report.
IIFL is bullish on Reliance Capital and has recommended buy rating on the stock with a target of Rs 420 in its September 14, 2011 research report.
“The daily candlestick Chart shows Reliance Capital had been on a strong downtrend for past few trading sessions. Infact, the stock has seen a decline from Rs 433 to a low of Rs 390. Since then, the stock has not re-test this low. The daily RSI is exhibiting strong positive divergences. Moreover, on Tuesday, it formed an Inverted Hammer candlestick formation, it occurs mainly at the bottom of downtrend and is a warning of a potential reversal upward. We expect the stock to witness smart pullback from the current levels. Traders can buy the stock above Rs 404 with stop loss of Rs 397 for target of Rs 420,” says IIFL research report. Public holding more than 90% in Indian cos Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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