Reliance has resistance at Rs 1480-1500: Mathew

183732 Investors following Reliance. Share this News with them.

0

Like this story, share it with millions of investors on M3

Reliance has resistance at Rs 1480-1500: Mathew

Technical Analyst, E Mathew is of the view that Reliance Industries has resistance at Rs 1480-1500, which analyst doesn't think is going to be very easy for the stock to overcome. For all those who have been lucky enough to get into a trading call in it, that is certainly an area for to come out of all the trading positions.

Post your opinion here

 

0

Tweet

Share on Tumblr

Excerpts from Your Stocks on CNBC-TV18 Watch the full show » RELATED NEWS Reliance Ind slips on profit booking Reliance Ind plunges nearly 4% Buy RIL, target of Rs 1914: Indiabulls Securities Do not buy Reliance says Pillai ALSO READ See previous views by E Mathew See what other Experts & Brokerages are saying about Reliance See messages about Reliance Reliance BSE | NSE 28/05/12 Are Mutual Funds betting on Reliance?

Technical Analyst, E Mathew is of the view that Reliance Industries has resistance at Rs 1480-1500.

Mathew told CNBC-TV18, "Reliance Industries has seen a magnificent rally and one can't expect that everyday this stock is going to go up especially when you consider that we are now into a trading range and Reliance of course is a stock, which has a lot of bearing on the Nifty. One must realize that major resistance in Reliance is around that Rs 1,480-1,500 zone, which I don't think is going to be very easy for the stock to overcome."
 
He further added, "Having said that I do feel that at lower levels, the Nifty may build a base and again an attempt maybe made by the Nifty to go up to 3,400 possibly. In that case, I am sure Reliance would also participate but even at that particular juncture, I really have my doubts whether it would be able to take out that huge supply zone, which exists between Rs 1,480-1,500. In fact for all those who have been lucky enough to get into a trading call in Reliance, I think that is certainly an area for to come out of all the trading positions."
 
Disclosure: Analysts associate company has sold out of the money Nifty calls.