Mar 22, 2012, 11.22 AM | Source: CNBC-TV18
Above Rs 690-700, Reliance Infrastructure can test Rs 780-790, says Mithil Pradhan, Violet Arch Capital Advisors.
Mithil Pradhan (more)
Chief Strategist - Derivatives & Technicals, Violet Arch Capital Advisors | Capital Expertise: Equity - Technical
Pradhan told CNBC-TV18, "When I look at the chart of Reliance Infrastructure, I see a very large pattern which is completed. There are three legs to this particular pattern. I see this pattern as an irregular flat. These kind of patterns usually occur when there is a strong move expected on the upside."
He further added, "I actually see this kind of patterns in a lot of stocks but it stands out in the case of Reliance Infra. I might have given a very conservative target but if it really is able to move above the Rs 690-700 range, I think it can easily go to about Rs 780-790 range as well."
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