See profit booking in RComm, says Ashish Chaturmohta

Ashish Chaturmohta of Fortune Equity Brokers told CNBC-TV18, "We have observed a very strong rally in Reliance Communications (RComm), but in last 3-4 trading sessions we have observed some amount of liquidation in the stock and at around Rs 155-157 zone we have observed some amount of short build-up. The way the stock has broken Rs 150 mark, I think some weakness could be seen in it and we may see a dip towards Rs 140-142 zone. One can initiate a short position keeping Rs 151 as a stoploss."

"Even most of the telecom stocks like Bharti Airtel has been underperforming since last couple of trading sessions. So I think at this point of time some serious profit booking is possible in Reliance Communications," he said.