Hold long position in Reliance Ind Infra: Kulkarni

Hold long position in Reliance Ind Infra with Rs 630 as a stop loss, says Shardul Kulkarni, Angel Broking.

Kulkarni told CNBC-TV18, "In case of Reliance Industrial Infra, if you actually look at the volumes and just do a little bit of study, you will see that the volumes have been very strong in case of the last 3 trading sessions. The average trader volumes are less than 10 lakh shares, already crossing 3 times that in the past 2-3 trading sessions. So I would now expect a little bit of sideways movement. If the upmove is to continue, now the stocks should actually move in the range of Rs 750-700 for the next couple of trading sessions." He further added, "Traders who are already holding long positions should place their stop losses on the lower side, at around Rs 630-620 levels. Below Rs 620 I think the trend will be reversed. So I would recommend holding long positions with Rs 630 as your stop loss."