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Sell Reliance Power Fut; target of Rs 101: IIFL
According to IIFL, traders can sell Reliance Power Future below Rs 106.50 with stop loss of Rs 109 for target of Rs 101, in its August 5, 2011 research report.
According to IIFL, traders can sell Reliance Power Future below Rs 106.50 with stop loss of Rs 109 for target of Rs 101, in its August 5, 2011 research report.
"Reliance Power in the near has been moving with formation of lower tops and lower bottom with prices trading well below its 50 DMA. As such pattern continues, the near term trend is likely to remain with negative bias. Any pullback towards Rs112 should be used for initiating short position as this has been steady supply zone for the counter. On the weekly line chart, the stock also closed below its support trend line. We advise going short on R Power August Futures below Rs 106.50 with stop loss of Rs 109 for target of Rs 101," says IIFL research report.
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