Reliance has medium-term target of Rs 1460

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Technical Analyst, Ashwani Gujral is of the view that investors can invest in Reliance with a medium-term target of about Rs 1460.

 

Gujral told CNBC-TV18, " IPCL has been trading below its 200 day moving average, which is around Rs 278, so probably it would test its 200 day moving average tomorrow and again it has been a sort of a sideways kind of chart between Rs 225 to Rs 300, it has done nothing over the last six odd months."

 

He further added, "On the other hand, Reliance even now consistently has maintained above its 200 day moving average. So I would be rather be in Reliance, which seems to be a stronger stock. Yes, IPCL did move up 16% but the chart formation does not show too much more upside, so it would be much better of investing in Reliance for a medium-term target of about Rs 1460."

 

Disclosure: Analyst does not hold the above mentioned stock