Manghnani cautious on Reliance Infra, RCom

Anil Manghnani of Modern Shares & Stock Brokers feels if Reliance Infrastructure touches Rs 328 level then there could be some problem for that stock.

Manghnani told CNBC-TV18, "As soon as Anil Dhirubhai Ambani Group (ADAG) stocks took out their February or March first week lows, they have got hammered even further and quite substantially. If you take Reliance Infrastructure, it was about Rs 412 the last time we were at 5,663 but today it is around Rs 330-340 mark." He further added, "I think the last four-five bottoms be it 2004-2008-2011-2012, Reliance Infra has always stopped at this Rs 330-340. So, hopefully it stops here because the last time it touched Rs 328 low was somewhere in 2004 if I am not mistaken. So, if it starts to take out that level, that could be some problem for that stock." "Reliance Communications (RCOM) is well documented because this stock was at Rs 140 when the Sensex was 8,000. So that stock has steadily made new life low. So, I am not sure what is happening there and where the bottom is for RCOM."