Reliance Comm has target of Rs 925: Bhambwani

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Reliance Comm has target of Rs 925: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that Reliance Communications has medium-long term target of Rs 925. It is a hold or even a buy on declines. It has suport at Rs 720-725.

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Technical Analyst, Vijay Bhambwani is of the view that Reliance Communications has medium-long term target of Rs 925.

Bhambwani told CNBC-TV18, "Reliance Communications has been an outperformer in the market and it will continue to remain a market outperformer. It has a consistent rising to the tops and bottoms on the weekly charts. At this point in time Rs 720-725 levels will remain a very strong floor support and unless this support is violated very forcefully, the outlook remains positive."

He further added, "I don't think there is too much by way of overhead supplier or overhead resistance coming in because most of the people who have invested money in this stock are making money in therefore under no pressure to initiate stoploss at this point. Our target on this counter, in the medium to long run is Rs 925. I would recommend a hold or even a buy on declines."