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Sep 02, 2010, 09.14 AM IST
RNRL has target of around Rs 42-44, says Mitesh Thacker, Technical Analyst, miteshthacker.com.
Thacker told CNBC-TV18, "RNRL could also be a proxy play in the sense that we could have recommended R Power here. After a long decline from Rs 70 levels, this stock is showing some signs of revival. We have seen this stock declining every day after day and at Rs 37 this stock price has found some support. So I expect a bounce back, the risk reward is very favourable over here. So stop loss of Rs 37 and targets of around Rs 42-44."
The company touched its 52 week high Rs 92.90 and 52 week low Rs 36.85 on 22 Sep, 2009 and 18 Aug, 2010, respectively. Currently, it is trading -58.99% below its 52-week high and 3.39% above its 52-week low. Market capitalisation stands at Rs 6,222.23 crore.
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