RPL can head upto Rs 220-225: Bhambwani

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RPL can head upto Rs 220-225: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that Reliance Petroleum, RPL can head upto Rs 220-225 by end of calendar year 2010 and long-term charts are clearly indicating a huge amount of upward potential and a great deal of market outperformance in this sector.

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Excerpts from Your Stocks on CNBC-TV18 Watch the full show » ALSO READ See previous views by Vijay Bhambwani See what other Experts & Brokerages are saying about Reliance Petro See messages about Reliance Petro Reliance Petro BSE | NSE 01/01/70 Are Mutual Funds betting on Reliance Petro?

Technical Analyst, Vijay Bhambwani is of the view that Reliance Petroleum , RPL can head upto Rs 220-225 by end of calendar year 2010 and long-term charts are clearly indicating a huge amount of upward potential and a great deal of market outperformance in this sector.

Bhambwani told CNBC-TV18, "Taking a very long-term view for example a seven or seven and a half year view on Reliance , I foresee the stock hitting Rs 4,500-5,000 levels by 2015."

He further added, " Cairn India - let us take a slightly more pragmatic and therefore a shorter-term view, by end of calendar year 2011, I see this stock at Rs 400 levels."

"For example a Reliance Petroleum Ltd (RPL) should go above Rs 220-225 by end of calendar year 2010. So I think the long-term charts are clearly indicating a huge amount of upward potential and a great deal of market outperformance in this sector. I have vested interest and investments in these counters."