IIFL is bullish on Reliance Communications and has recommended buy rating on the stock with a target of Rs 86 in its October 17, 2011 research report.
"Reliance Communications has formed an Engulfing bullish line on Friday's trading session, suggesting that the possibility of pullback near Rs90 remains high. Applying 'Wolfe Wave' on the EOD charts, it suggests that stock has completed its Wave 5 and has started its medium term bullish trend and it may hit EPA (Estimated Price at Arrival) of Rs98. The Daily RSI is also been consolidating above the 45. However, in the near term, a move above Rs 79 could take the stock towards its 100-DMA placed at Rs 88. We advise buying the stock above Rs78.50 with stop loss of Rs 75 for target of Rs 86. (Duration 7 days)," says IIFL research report.
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