Reliance Comm has resistance at Rs 440-450

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Reliance Comm has resistance at Rs 440-450

Technical Analyst, Vijay Bhambwani is of the view that Reliance Communications has immediate resistance at Rs 440-450.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Vijay Bhambwani See what other Experts & Brokerages are saying about Reliance Comm See messages about Reliance Comm Reliance Comm BSE | NSE 28/05/12 Are Mutual Funds betting on Reliance Comm?

Technical Analyst, Vijay Bhambwani is of the view that Reliance Communications has immediate resistance at Rs 440-450.

Bhambwani told CNBC-TV18, "Reliance Communications is witnessing some amount of a buy now. The panic bottom, which was being created below the Rs 380 levels, seems to be holding as of now. I think it can scale up all the way to Rs 440-445 that's where the immediate resistance would be. This is more of a momentum stock and I think traders and scalpers are likely to benefit more than short to medium term investors at this point in time."