Reliance Infra may test to Rs 385-390: Harchekar

Reliance Infrastructure may test to Rs 385-390, says Amit Harchekar, Sr. Technical Analyst -CMT, IIFL India

Harchekar told CNBC-TV18, "Reliance Infra is forming a sort of rounding bottom on the daily charts and as long as the stock holds above Rs 360 zone there is high possibility that we might be testing levels of Rs 385-390 in the short-term. Rs 385 turns out to be again a major hurdle because if one looks into the volumes that has been quite lower in the last few trading sessions, we need to see its positions above Rs 385 for at least couple of days only then we can expect a clean trend reversal." He further added, "When it comes to RComm Rs 70 turns out to be important barrier. The stock could again consolidate in that range of Rs 60-70 and as I mentioned once we see Nifty breaking 4810 mark, you will see most of these midcaps, which are under pressure they will be trying to out perform the market." Disclosures: We may have recommended some of these stocks to our clients but no personal holdings.