Reliance Infra looks strong: Anu Jain

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Reliance Infra looks strong: Anu Jain

Reliance Infrastructure is looking strong, says Anu Jain, Sr Vice President - IIFL Private Wealth Management.

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

Reliance Infrastructure is looking strong, says Anu Jain, Sr Vice President - IIFL Private Wealth Management.

Jain told CNBC-TV18, "The highest beta and 2 weeks back at Rs 410 I said that Reliance Infra was a good pick and now it is almost at Rs 528 so you have got 20-25% move in 10 days. But amongst the whole pack Reliance Infra chart is the strongest just like how we were discussing in Zinc and metals. This is one chart which has taken off it's resistance over that Rs 517 zone. So if it were to survive Rs 517 in any kind of pull back correction, so you can then see it going up to Rs 577. If it breaks the Rs 517 then the bets are off. Then it could probably first go to Rs 490, check that level and move accordingly. So, given between Reliance Capital, R Infra, Rel Comm, Reliance Power I think that's the strongest chart."

He further added, " Reliance Capital has got very strong resistance at Rs 356, so it's about 4-5% from there. If it breaks the Rs 340 levels, Rs 330 can be in a day time. So, how it manages at these overbought levels because the setup as I was saying for the entire market right now is overbought. You need signals to go short. As of now if it breaks the Rs 330 that would be the first level that momentums run out. Same with Reliance Communications , Rs 96.35-98 is very strong resistance. If it were to give up Rs 94 levels than more shorts would come into it and Rel Power is very overbought."