Reliance Industries may slip to Rs 690, says Sukhani

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Reliance Industries may slip to Rs 690, says Sukhani

Reliance Industries may slip to Rs 690, says Sudarshan Sukhani, s2analytics.com.

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

Reliance Industries may slip to Rs 690, says Sudarshan Sukhani, s2analytics.com.

Sukhani told CNBC-TV18, "Reliance, the pull back has come accompanied by a bit of drama yesterday. Some gains in the Nifty means nothing. Sometimes a message which is slightly different and that is that Reliance has touched the Rs 690 target - that was the first target we had given. We are looking at Rs 600-630 now. So after a target is achieved, it's quite possible to see relief rallies, a sense that maybe the worst is over. All that is possible in Reliance but I don't think the lows have been made yet."

He further added, " Mundra Port has made some kind of a double bottom. At Rs 116, then it went two days ago, touched Rs 116. Went below it and bounced back. The double bottom will actually get confirmed if it crosses Rs 134. It hasn't done that so my trade is in anticipation of an eventual cross on the upside. If it fails then you have a stop loss. If it crosses Rs 134 confirms a double bottom pattern, then the trader has entered almost at the lows of the move. So it's worth taking a trade for a very small stock."