IIFL is bullish on Reliance Media and has recommended buy rating on the stock with a target of Rs 100 in its November 9, 2011 research report.
"Reliance Media has been showing resilience in last 3-4 weeks with trough of Rs84 holding firmly despite volatile markets. Such a higher bottom formation thus result into a bullish pattern of double bottom which implies that downside risk for the counter is almost over. The RSI on weekly chart is taking shape of inverted head and shoulder in the oversold terrain which reinforces bullish trend in the counter. We recommend buying Reliance Media in the range of Rs 92-92.5 with stop loss of Rs 89 for target of Rs 100. (Duration 7 days)," says IIFL research report.
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.
