Apr 25, 2013, 06.36 PM | Source: CNBC-TV18
One can enter in Reliance Communications (RComm) around Rs 88-86. Stock is expected to test the level of Rs 104, says Manoj Murlidharan Vayalar of IIFL PReMIA.
Manoj Murlidharan (more)
Head- Derivatives, Religare Securities | Capital Expertise: F&O
Vayalar told CNBC-TV18, "Right from Rs 67 RComm has gone up to almost Rs 97-100 mark. So this is a big move for the stock which has come in. Needless to say the cash based buying has happened and the quantum of derivate buying which happens on those days and a series of news has come into this stock."
He further added, "I feel this is a time we should wait because the weighted average price of Rs 88-86, if we are getting that, that is the right time to enter RComm. One should not be buying at this point of time the reason is because obviously Rs 102-103 one will see distribution which would happen because now in the next contract one will see this cash based buying which is bought at Rs 86-84. You would see a reverse shorting in the stock Futures which would happen. So every time it comes to that weighted average price of Rs 86-88 it becomes an excellent buy. You can go long on that, there you can expect at least Rs 104 on that."
The firm has been registered with the Trade Regist
The deal, which was supposed to take place in May,
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