Buy 90 Put of Reliance Comm: Hemant Thukral

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Buy 90 Put of Reliance Comm: Hemant Thukral

Buy 90 Put of Reliance Communication, says Hemant Thukral, National Head-Derivative Desk, Aditya Birla Money.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Hemant Thukral See what other Experts & Brokerages are saying about Reliance Comm See messages about Reliance Comm

Buy 90 Put of Reliance Communication , says Hemant Thukral, National Head-Derivative Desk, Aditya Birla Money.

Thukral told CNBC-TV18, "Basically apart from Bharti Airtel which a week on week has added some long positions, I don't see same happening with the other telecom companies. Reliance Communication also has seen on Friday fresh shorts being built up to the tune of 13-14%. Also on the higher side 100 is huge call accumulation writing. So I seriously feel that Reliance Communications will struggle around that Rs 98-100 mark and will proceed back and re-test the support levels of Rs 89-88."

He further added, "We are recommending a very simple strategy to buy 90 Put in Reliance communication. That will be quoting around Rs 4 was the closing price, so keep a stop loss of Rs 2 with a target of Rs 6.57 on it. In immediate short term as I suggested we are expecting a target of Rs 88-89 on Reliance Communication."