Sell Reliance MediaWorks; target of Rs 250: IndiaInfoline

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IndiaInfoline is bearish on Reliance MediaWorks (erstwhile Adlabs Films) , and has recommended sell rating on the stock with a target of Rs 250, in its November 27, 2009 research report.

"On the daily chart, Reliance MediaWorks has given a downside breakout after giving a close below the support zone of Rs271-272. From the lows of Rs234 in November 2009, the stock staged a smart rally towards the levels of Rs300, which has acted as a major resistance last week. The stock has been struggling to close above its critical resistance levels from the start of the month. The daily MACD has generated a crossover sell signal, suggesting build-up of momentum on the downside. Selling pressure could intensify in the counter below the levels of Rs263. We recommend traders to sell the stock at current levels and on rallies to the levels of Rs270 for target of Rs250. It is advisable to maintain a stop loss of Rs275 on all the short positions," says IndiaInfoline research report.

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